A loved one’s death can leave behind unimaginable grief and distress. However, other problems can arise if a person dies without a will. When this happens, estate distribution depends on the intestate laws of where the deceased lived.
Dividing assets this way can have the following results:
- Failing to fund necessities previously shouldered by the deceased
- Potential misuse of funds or assets
- Additional stress for the family, specifically for those who live far away
- Extra work with recovering the deceased’s old documents to reconcile estate details
- Complications from differences in state laws
When there is no will, the court will divide the estate lawfully. However, all the work related to this process can cause more stress and fatigue.
Set up your will while you can
By preparing ahead, you can save your family members the trouble of intestacy. Setting up your will can solidify your wishes for your estate. Here are the essential things to think about when writing a will:
- How you will divide your assets
- Potential legal or financial issues you can address
- Who you will name as your children’s guardian while they are still minors
Your will is a document the court can enforce after your passing, so your statements can have legal implications.
Things you can avoid
Aside from simplifying the process, having a will can help you avoid excessive taxes and administrative costs. Also, you can preserve your family’s peace. Not having firm decisions regarding your estate can lead to arguments and disagreements, straining relationships. By thinking ahead, you can give them the time they need to lean on each other.