The main point of having a will and testament is that your property and assets are divided into shares that you approve of and are left with those you wish to take care of after your death. Wills make leaving this world behind easier on the mind. With a will in place, you will have taken care of your responsibilities as best you can, leaving as little burden behind as possible. This final opportunity to provide for your loved ones is lost when no will has been properly drafted and executed before a person’s death.
When a person dies without a will, they are said to have died “intestate.” After this has happened, intestacy laws, which differ from state to state, are put into effect and will determine how the state distributes your property after your death, including your bank accounts, securities and real estate. If you happen to own property in other states, then those states’ intestacy laws will handle how your property will be distributed.
Intestacy succession laws differ greatly upon whether you were single or married at your passing, and whether you had kids or didn’t. In most situations, your property is split to share between your heirs. Intestacy laws recognize only relatives as legal heirs, meaning your spouse, parents, siblings and other relations must be recognized as relatives in the view of the law in order to receive your property. When no relatives can be found, the property is typically designated, or “escheated,” to the state. This means that anyone you wish to leave your property to who is not related to you by blood or by law will not receive exactly what and how much you wish to leave them.
This can all lead to one of the worst results of not having a will written upon your death: your parents, spouse or ex-spouse, children and friends will all fight for what they believe they are entitled to. Families can easily become broken, especially if your heirs have different socioeconomic backgrounds. Some heirs may get antsy about receiving their part of the estate as soon as possible due to money being tight on their end. If there are disagreements during the sometimes-lengthy probate period, a rift can easily form between family members. A will is your way to end ceaseless squabbles before they begin.
Without a will in place, sentimentality and practicality will butt heads. Different heirs have different opinions on what assets are priceless heirlooms to be kept in the family and what can be distributed. Family members will invariably claim that certain items were “promised” to them. Families will fight over items like record collections, photo albums and especially jewelry. Aunts will want a ring that went to your son’s wife. A grandkid will argue over a vehicle that went to a cousin. Children will be at each other’s throat over the house. You can eliminate these disputes only with a will.
With a will, confidential promises can be kept regarding personal or potentially embarrassing matters. Maybe you proposed to pay for your nephew’s tuition. Without a will that money is not guaranteed to go to your nephew’s tuition. Maybe you have a child who has become your primary caregiver, and they left their job to do so. You promised them to have a greater share of your estate than their siblings without anyone’s knowledge. How can you ensure that happens without a will? Only a will can make these nonpublic promises guaranteed.
People aren’t the only ones taken care of in wills! Many shelters are filled with pets and animals not provided for in their deceased owner’s last wishes, especially if there isn’t a will. A will can create a trust for your pet and leave the person entrusted with its care with enough money to provide for your furry friend.
Do you have specific wishes regarding your funeral? Have you not communicated how you wish to be remembered? You can direct your funeral from beyond the veil through your will. Some of your heirs may not have the same notion as you regarding your funeral arrangements. That’s why it’s best to leave instructions for the direction of your funeral services, from burial to cremation to memorials, in your will.
However unpleasant it may be to consider, writing a will is a necessary step to take in order to protect your property and provide for your heirs in the way you prefer. Without a valid will, intestate succession laws allow the state to step in and determine how your assets will be divided, leading to potentially divisive arguments between your heirs and the almost certain outcome of your assets not being distributed in accordance with your wishes. With the help of an experienced attorney, one can determine the division of his or her assets between his or her heirs at their convenience.
Attorney Jeffrey Sport makes the estate and trust planning process efficient, understandable and manageable. Everyone needs a set of "rainy day docs." These include, at a minimum, a will, a durable power of attorney and a living will/healthcare directive. It is never too late to put these critical documents in place—until it is. Contact our office today to begin consultation on your rainy day docs and achieve peace of mind regarding your end-of-life arrangements.