3 Consequences of Not Having a Will
July 26, 2022
Tags: estate considerations, Estate Planning Long Island, Last Will and Testament
You’ve likely heard about the importance of having a will at one time or another. Many people view it as one of those things where they intend to “get around to it eventually.” But not everyone fully understands the importance of setting up the will and what can happen if they don’t.
What Does Probate Court Do?
Without a will, your death will be considered “intestate,” meaning that the court doesn’t know who is in charge of your estate, or who your beneficiaries are. These decisions will then be the responsibility of a probate court, which has a complex process to determine the allocation of your estate. This procedure involves significant time, money, and sometimes confusion for your loved ones.
When you die intestate, here are a few of the major decisions the court makes on your behalf:
- How To Allocate Your Assets
Many people mistakenly assume that simply telling a loved one how to divvy up their inheritance is sufficient. In reality, the state has no proof of your wishes if it’s not in writing.
- Who Will Care For Your Children
If you happen to pass away while your children are minors, the court will have to determine who will care for them. The court decides what is best for your children, despite whether you’ve verbally discussed it with a friend or family member before your death.
- How To Protect Your Children’s Inheritance
If your beneficiaries cannot inherit your assets immediately upon your death, you won’t be able to determine how to guard the inheritance in the meantime. For example, if your children are minors the court will oversee the funds to them until they are legally able to do so on their own. This also works if your beneficiary has a disability that precludes them from managing an inheritance.
When the state is left to determine how to handle your assets, many sensitive issues are out of your hands. The best way to make your wishes known and keep the peace amongst your surviving loved ones is to plan ahead.
Disclaimer: please note that this article is not legal advice and should be used for informational purposes only. If you need legal advice you should retain an attorney licensed in your jurisdiction. The opinions expressed in this guide are solely those of the author, who is not an attorney.
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