People who die without a valid will allow the laws of the state where they reside to determine who inherits their property. Those laws vary widely, and many people may not agree with their state's provisions. For example, in some states, a surviving spouse may be required to divide property that was not held jointly, with the deceased's parents or siblings. At the other extreme, property that is held jointly passes directly to the surviving spouse. Without estate planning, the jointly held property will go to the family of the spouse who dies last, leaving the family of the spouse who died first with no inheritance.
Wills can provide for an equitable distribution to both families after the death of both partners.
A will is a legal document that specifies what will happen to property after death. By law, pets are considered property and cannot inherit assets. Until recently, the only option was to will the pets and money for their care to a new caretaker. However, there is no oversight that the new owner will properly care for the pets, and the value of the pets and the money to care for them may be subject to estate taxes. Some states now allow pet owners to create trusts to provide for their animals.