We hear this question often from Potential Clients. But even more often, we see this exact scenario play out in Probate cases when someone dies without a Will. Dying without a Will, also known as dying intestate, can lead to financial and emotional costs for your loved ones. Without a valid Will, intestacy laws dictate that your assets will be distributed to your closest living relatives in a predetermined order of priority. We have had numerous instances where these laws allow unintended beneficiaries to inherit from the estate. What this means for you is that relatives with whom you have no meaningful relationship may be legally entitled to your hard-earned life savings, instead of those savings being distributed according to YOUR wishes and your close family’s needs.
Financial Costs
Before any assets can be distributed, your estate will likely go through Probate. This is the court-supervised accounting of your estate, which is time-consuming, costly, and stressful. With a Will, Probate proceedings are smoother and faster. Without a Will, extra work has to be done to determine who manages and who inherits from your estate.
It could potentially take years for Probate to be over, causing financial strain on surviving family members who may rely on those assets. For example, your hefty emergency savings may not be immediately accessible to pay bills or cover your funeral costs. Even worse is that court fees, legal costs, administrative expenses, and unnecessary tax liabilities could significantly diminish the value of your estate.
Emotional Costs
We remind our clients that the financial costs of dying without a Will pale in comparison to the emotional costs. Your family may face uncertainty about your wishes and struggle to make decisions on your behalf. The lack of clear instructions and guidance during an already difficult time often leads to family conflicts over asset distribution, often resulting in nasty and expensive legal battles! As you can imagine, this further depletes the estate and strains family relationships.
If you are a parent, dying without a Will means there is no designated guardian for minor children or children with special needs. The Court will then appoint a guardian based on its own assessment, which may not align with your preferences.
If you need help protecting your money and loved ones in the event of death or disability, call us at 301-696-0567 or self-schedule online at lenaclarklegal.com.
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