When someone dies without a Will, their estate passes to their heirs in accordance with state law. This process is known as intestacy. Intestacy comes with a number of problems.
Video: 10 Problems Of Dying Intestate
Here are the 10 most common problems that can occur when you die without a Will:
Your assets being controlled by the state:
If you don't have a Will, your estate may be subject to the laws of intestacy in your jurisdiction. This means that the courts, rather than your loved ones, would decide how your property is distributed and who would receive it.
Your children not being provided for:
If you don't have a Will, the state may decide who raises your children if both parents are deceased. This doesn't necessarily mean they'll go to family members and could end up in an orphanage or foster care.
Disputes between family members:
Disputes can easily arise between family members when a person dies without a Will. This could result in costly court proceedings and time-consuming delays for your loved ones.
When dying intestate, taxes may be more complicated as there are no specific tax exemptions or deductions provided for in a Will. This could potentially cost your family more money in the long run.
No control over estate planning:
Without a Will, you don't have any say over how your assets are distributed or who gets what. This means that even if you wanted to leave something to a specific person, there's no guarantee they would receive it without a Will.
Problems with digital assets:
If you die without a Will, there may be issues related to your digital assets such as websites, online accounts and email addresses. Without any guidance from you, family members could struggle to access or manage these online assets.
Even if your estate is relatively small, dying intestate can result in unexpected expenses for your loved ones. This could include lawyer and court costs, probate fees and taxes that may not have been necessary if you had a Will in place.
Excess red tape:
Without a Will, it's likely to take longer for your estate to be settled. This could result in increased stress and frustration for your family members as they have to deal with the bureaucracy involved in settling an intestate estate.
Your wishes being ignored:
If you die without a Will, not only do you not have any say over how your assets are distributed, but also, there's no guarantee that anyone would carry out any special requests or wishes you may have had.
Unfair or unequal distribution of assets:
Without a Will, there's no guarantee that your estate will be divided fairly amongst those who are entitled to it. This could lead to arguments and disputes between family members as some may feel they've been treated unfairly or left out altogether.
Creating A Last Will
The best way to avoid these issues is to making valid and legal Will that outlines your wishes for how you want your assets distributed. This will ensure that your wishes are respected and your heirs receive the inheritance you want them to have.
Additionally, having a valid Will in place can save your estate money by avoiding costly probate processes. Lastly, it is important to keep your Will updated as life circumstances change so that your wishes remain up-to-date and accurate.
Creating a Will is an important task that everyone should do in order to ensure their wishes are respected and their family is taken care of. Though it may not be the most pleasant topic to think about, it can save your estate time, money, and conflict in the long run.