What Happens to Your Finances When You Die Without a Will?

By drafting a legal will, you decide exactly how you want your assets to be distributed upon your passing. PeopleImages/ShutterstockEstablishing a proper will ensures that your assets are distributed to the heirs of your choice upon your death. And if you have any debts, the executor of the will is responsible for using assets within your estate to pay off your liabilities.However, not everyone writes a will. In fact, only 32 percent of Americans have a will, according to a recent survey by Caring.com, a firm that helps people find senior living arrangements.