A friend recently told me that a neighbor said to her, “I don’t have a will, really; what’s the worst that can happen?” She was pretty sure the “worst that could happen” was pretty bad, but, not being an estate planning attorney, she couldn’t comment with any authority. But she asked me for my take on it. So, this post focuses on “the worst that can happen”. If you, like her neighbor, don’t have a will (in which case you are in good company, unfortunately with about 50% of adults in the U.S. today), you might want to read on.
The biggest risk is loss of control over who makes decisions and who gets what of your assets. Often the state steps in and makes decisions for you, and let’s face it, the state doesn’t know you or your loved ones – is that who you want to decide who gets your house? Or car? Or memorabilia?
The following are some of the most serious consequences of not having a will:
- Your loved ones may not inherit what you intended.
Without a will, your state’s intestacy laws determine who receives your property. Unmarried partners, close friends, stepchildren, and charities generally receive nothing unless you’ve specifically planned for them. - The court decides who raises your minor children.
This is especially bad in my opinion. The truth is, if both parents die and no guardian has been named, a judge will appoint one. Maybe a sibling whom you would never allow even to babysit, let alone raise your kids. Please don’t let the court decide who will raise your children. - Someone else may manage your estate.
Instead of choosing an executor you trust, the court appoints an administrator to settle your affairs. That individual may be the perfect person to handle it, or not. But by not having a will, you’ve left that choice up to the state. - Your family may face delays, added costs, and stress.
This is almost a given. Having your affairs in order helps ensure those grieving your death aren’t also saddled with additional burdens you could have spared them. - Family conflicts can become expensive.
Nothing brings out the worst in some families like a death of someone who didn’t take the time to have their “ducks in a row”. When there aren’t written instructions, it can become a free-for-all event, creating family disputes that can permanently damage relationships and lead to costly legal proceedings. - Blended families face even greater risks.
The complexities of blended families can create unique and greater problems and hardships. Some children may be left out in the cold, for example.
Bottom line: I have found many assume that their spouse will automatically get everything, so why bother with a will? The problem with that thinking is it is not always true. State laws vary, state to state. You can’t assume how things might go for your family.
Arranging for a basic will is not difficult, time-consuming or terribly expensive. By having a will and keeping it up-to-date, you get to decide who gets what, who raises your children if something happens to you and their other parent, who will administer your estate, and minimize the possibility of family conflict. All in all, a way to be heard and understood, even after you’re gone. Trust me, once you have drawn up your will, the peace of mind you’ll experience knowing you’ve done the right thing is priceless.
Feel free to visit my website for more information or call me directly to schedule an appointment to discuss your estate planning needs.
My website is www.davidlefton.com. My phone number is 513-399-7526