Families often look for wills and other instructions shortly after a person dies. Unfortunately, a majority of adults in the United States do not have wills or any other estate planning documents in place. Their families may then face a much more complex probate and estate administration process.
What are some of the most pressing risks associated with intestate estates not governed by wills or other documents?
1. Unexpected heir rules
People might assume that their live-in romantic partners or grandchildren automatically inherit from their estates, but that is not necessarily true. Intestate succession laws prioritize immediate family members, meaning that spouses, parents and children may inherit the entirety of the estate, while a person’s closest loved ones may not inherit anything.
2. Increased familial conflict
When people do not have direct guidance regarding the distribution of property, they may develop a sense of entitlement. Some people may expect to receive a significant portion of the estate. Others might fight over property with either emotional or financial value. Those disputes can cause long-term damage to family dynamics and are typically preventable with valid estate planning paperwork.
3. Probate delays
Without a written estate plan, personal representatives may need to locate and communicate with potential heirs. They may need to navigate disputes about asset distribution. Those responsibilities can potentially increase the timeline for the probate process. Delays can affect the value of estate resources and can frustrate both personal representatives and the heirs inheriting from the estate.
Understanding what might happen if a person dies without a will can be a powerful incentive when it comes to creating estate planning paperwork. Taking greater control of the future can give people peace of mind and protect their loved ones.
