For your loved ones, dying without a will might be pricey. There are five potential outcomes
if you pass without a will.
1. The court will be given control of your estate.
When you pass away without a will, the court will likely decide who gets your estate (including your money, debts, property, etc.), and it's probable they would make judgments you would disagree with.
2. It might be expensive to decide where your assets should go.
Deciding where your assets belong in court may be costly and time-consuming, and your loved ones might have to shoulder this burden. Less money will be available to distribute to heirs after the costs of extra time spent in probate court have been deducted from assets.
3. You won't have any control over who will look after your young children.
For the sake of your minor children, having a will in place is among the most crucial reasons. If you don't designate a guardian for your children in your will, the court will make that choice if both of your parents pass away, and it may not be in line with your preferences. Your child might be placed in state custody (foster care) while the court conducts its investigation if there is no apparent possible guardian.
You also want to make sure your kids are taken care of. You can leave your children property through a will. It is essential to have someone you can trust manage those assets till your child is an adult.
4. Your pets will be regarded as legal property.
Your pet pals deserve the best and having a Will will help you to provide for them. Your Will might specify who should take care of your pets when you pass away, just as you would if you were to leave money and property to family. Choosing a dependable family member to be your pet's new owner will give you confidence that your furry buddy will receive the best care available.
Without a Will that specifies who will look after your animal companion, the state's legal system will once again be in charge of making this decision.
5. It may lead to conflict within the family.
Having an estate plan in place enables you to specify the responsibilities of various family members in the event of your passing (such as a Healthcare Representative or Power of Attorney) and to specify who should get particular possessions and inheritances.
Your family and the court will have to decide who gets what for themselves without a Will, which could lead to disagreements. Making the challenging decisions for your loved ones via a will relieves some of the pressure.
It can be a good time to do any outstanding tasks, such as drafting your estate plan, during the summer's slower period, which is frequently this time. LegalShield streamlines the procedure; if you have any questions, contact your provider lawyer.