Don't Have a Will? This Is What Happens
A Last Will & Testament is a simple document that accomplishes a lot for the people you love. Wills:
arrange payment of debts;
provide others with important instructions; and
families who have young children can decide who will take care of them if something were to happen.
Consequences of not having a Will
There are many consequences of dying without a Will. Here are 7 of the most important ones.
1. My Stuff Goes Where?
Let’s start with the most obvious point – without a Will, you don’t have a say in what will happen to your assets. Instead, A court will decide what happens to your assets. A good example of this is the recent death of superstar Prince. His sister filed documents to state that Prince passed “intestate,” meaning he died without leaving a Will.
2. Who is in Charge of My Estate?
If you don’t have a Will then you also don’t have an executor. The executor is the person that you name to carry out your Will. This includes going to probate court and validating your Will, then managing your estate and distributing its property.
In a Will, people pick someone that they trust and who is willing and able to do the job. If you don’t have a Will, a court will appoint someone, and they might not be your favorite choice.
3. My Children Get What?
Your children may not receive the amount of money that you wanted them to receive. It is also possible that they will receive all of the allocated money once they reach the age of 18, which may not be the best age. If you write a Will, you can decide exactly how much each child gets and how old they will be when they receive it.
4. My Grumpy Brother Raises my Kids?
You don’t get the chance to select guardians for your young children. This often means that the government is involved in decisions about your child’s life. Moreover, a government-appointed guardian may have a different idea about what is in the best interest of your child. The government will also decide how much money young children will receive, and they will take some of your estate as their fee.
5. I Get Buried Where?
There is little chance to make your burial preferences clear. A Will gives you the chance to make this clear, so that your partner and family know what you prefer with your remains.
6. My Favorite Watch...
Do you have any items that hold sentimental value, or you consider a family heirloom? Would you want someone in particular to get that item, as you know they would appreciate it? A Will can help to protect these items; if not certain assets may have to be sold to fund the estate
7. But I Believe in Charitable Giving!
Without a Will, a court will distribute your assets to people, so if there is an important organization to you (such as a religious one) they won’t receive anything. A Will allows you to give all or a part of your money to a charitable organization. For many organizations, this is essential for their continuance and good works.
Just Do It
You can avoid this by writing a Will with an attorney or by using a site like Bloomwell, as it will tell the court exactly how to divide your property and care for your children. There are certain things we all have to do to protect our loved ones, and this is simply one of those things.
We would love to hear from you! Share this article with your story about having, or not having a will!
Kelley Holland. Prince's apparent lack of planning may cost his estate. CNBC, 26TH April 2016. < http://www.cnbc.com/2016/04/26/princes-apparent-lack-of-planning-may-cost-his-estate.html>