In reality, how terrible is it not to have a will? Especially if you’re single or married without children? Here’s the scoop.
IF YOU DON’T HAVE A WILL: When someone dies without a will, they are said to have died “intestate,” and the distribution of their assets is governed by state laws (intestate succession laws). These laws may not align with what you would have wanted.
IF YOU ARE SINGLE WITHOUT KIDS:
Assets Distribution: Typically, assets will go to your closest relatives, such as parents, siblings, or more distant family members, depending on who survives you. If no relatives can be found, your assets could escheat (go) to the state. (And the state will be happy to have your stuff.)
Honoring Your Personal Wishes: Without a will, you’ve forfeited the opportunity to leave specific assets to friends, charities, or others.
Complications, Even Disputes: Without direction from you, the door is open for your relatives to take issue with what the state decides, potentially leading to legal battles.
IF YOU ARE MARRIED WITHOUT CHILDREN
Your Spouse’s Inheritance: In most states, your spouse will inherit most or all of your assets, but this isn’t guaranteed. Some states divide assets between the spouse and other relatives (e.g., your parents or siblings). Are you good with that? Or not?
Estate Management: Since there isn’t a will naming an executor, the court appoints someone to take that role. It might be someone you’d prefer not to do it, but you won’t be around to argue the point.
HAVING A WILL IS BENEFICIAL: There isn’t any law that requires adults to have wills. In fact, about 50% of adults in the US don’t have a will. There are many reasons for that, of course. I think a leading one is that people don’t want to think about it. No one wants to think about their mortality, but in the end, having a will is a loving and wise thing to do for your loved ones. And it provides terrific peace of mind for you, knowing you’ve put your affairs in order.
Having a will (which does not take a lot of time or effort to accomplish) provides the following benefits:
It Gives You Control Over Your Assets: You can decide exactly who gets what, whether it’s a spouse, a friend, a sibling, or a charitable organization, and it prevents unwanted relatives from inheriting your assets.
You Can Designate An Executor: You can appoint someone you trust to manage your estate, ensuring your wishes are carried out.
It Simplifies The Process For Your Heirs: Having a will can make the probate process faster and less stressful for your loved ones. And possibly save them money too.
It Allows You To Address Special Requests: Even if you’re single or child-free, you might have specific possessions, pets, or causes you care about that you’d want to address. (None of that will happen if you don’t have a will and the state makes all the decisions.)
Your Hard-Earned Assets Are Protected Against Intestate Rules: State laws won’t dictate what happens to your assets or who manages your estate.
Granted, if you die without a will it won’t be your “problem”. I think some folks feel like that; “I won’t care, I’ll be dead!”. And while that is true, it is also true that you may very well have left the proverbial “can of worms” for your loved ones to deal with. It can be very complex, and sometimes, it delays their inheritance and even costs them money. Most people I know don’t want to leave that kind of mess for their loved ones. If you don’t have a will and think it is time to create one, I’d be honored to help you. Call 513-399-7526 or visit www.davidlefton.com to schedule time with me. Let’s get this done so you can enjoy some peace of mind.