When most individuals die, it is with some certainty that their loved ones will be sad and grieving for them. But imagine, those same loved ones, grieving, are also burdened with frustration, anger, disbelief, and even family disputes and conflicts. Not a pretty picture, is it? But it is what happens when individuals don’t take the time and effort to plan to protect their assets and loved ones.
We have all known situations where someone dies unexpectedly, and the surviving spouse is left to sort out a financial mess. Not sure where investments are held, no idea how to access them. Maybe totally in the dark about cryptocurrencies. Clueless about verbal promises made about who will get what. Is there a safety deposit box? Was there a will? If so, where is it? If not, what now?
So many questions, with few, if any, answers. The initial reaction to a sudden death is, of course, disbelief and shock, followed by crushing grief. But as that individual, and maybe it’s not a spouse but an adult child, begins to accept the situation, it becomes clear that steps need to be taken.
Without a will, how does the individual proceed? For example, decisions about a funeral. Cremation or traditional burial? What about organ donation? In the meantime, checking and savings accounts may be suddenly frozen, leaving the loved one to figure out how to access them. Left to try to find statements in a desk or to guess at passwords to access online accounts. Can you imagine? And in the midst of all that, your grieving loved one may be wracked with growing resentment about the total mess you left when you didn’t take the time to create a will. And now they have to go through probate, likely hiring a lawyer. And maybe you made promises to gift certain assets, but never legally put them in writing. Those heirs to whom you made those promises are now also grieving and, frankly, feeling betrayed and cheated out of what they feel is rightfully theirs. And because you didn’t proactively plan for this, your children or siblings could end up in the “fight of their life” over your assets, resulting in lifelong estrangement. Is that what you want for them?
Many procrastinate creating their estate plan, finding every reason to put it off. But people die unexpectedly every day… auto accidents, undetected medical issues, a careless step down the basement steps. By not having their “ducks in a row”, not only have individuals without a will left their loved ones to grieve, they’ve almost ensured that grief is further burdened with anger and frustration.
Most people who love their family members wouldn’t intentionally wish any of that on them. Still, by not taking action, by not having a will, they have practically guaranteed their loved ones will be burdened beyond grief.
I don’t mean to be “preachy”; these are the facts, and it happens every day to families. Don’t let it happen to your family. If you don’t have an estate plan, or it needs to be updated, please don’t hesitate to call me at 513-399-7526 or start by visiting my website: www.davidlefton.com .