What Could Happen if You Die Without a Will
A last will and testament is a legal document that specifies how a person's finances are property are to be distributed after their death. A will may contain other provisions that affect the important people in your life. Even if you don't have a lot of money or property, it's still a good idea to create a will to ensure that many of your wishes will be carried out following your death.
Also known as dying intestate, dying without a will can result in serious consequences for the important people in your life. Here are a few things that could happen if you don't create a will while you're still living.
State Decides Asset Distribution
If you don't have a will to specify who will inherit your assets, the state will likely decide who gets what based on certain factors. Your money and property along with valuable other items—such as jewelry and family heirlooms—may go to your spouse, children, or parents, but you won't have any say over how much each person gets if you don't have a will.
You also won't get to name additional beneficiaries if you die intestate. This means that special friends and close other non-relatives could be deprived of shares of your estate.
Ongoing Legal Battles
Your spouse, relatives, and other people who believe that they're entitled to part of your estate may choose to take legal action if you didn't write a will and they're unhappy with the way your assets are divided. These legal battles could drag out for years and be costly. Legal disputes could also create feelings of hostility among your family and friends.
An attorney can help you create a will to prevent these disputes. Your attorney may also be able to add a "no contest" clause to your will that prevents legal challenges among your beneficiaries.
No Childcare Provisions
In a will, you can specify who gets custody of any minor children you have in the event of your death. If you don't have a spouse, your surviving parents or other close relatives will likely receive custody automatically. Without a will, your children could go to someone who isn't a suitable guardian—someone who will not parent your children as you would like.
The process of transferring guardianship isn't always fast or easy after the death of a parent. A court might not name a new guardian for a few weeks or months if there's difficulty finding a suitable guardian.
No Protection for Unmarried Partner
If you live with a partner and the two of you aren't legally married, this person won't have the same legal protections as a married partner if you don't have a will. In addition to not receiving any of your assets following your death, your unmarried partner could be evicted from the home the two of you shared if you were the sole property owner.
No Charitable Distributions
If you want to leave some of your assets to favorite charitable organizations after your death, you might not be able to do so if you don't have a will that names these organizations as beneficiaries. This can be especially bad for these charities if they were counting on your money for certain projects.
No Named Business Successor
In addition to a personal will, you should write a business will if you own a business and don't want your company to be taken over by someone who doesn't share your company's vision following your passing. This new owner might overhaul your business or even sell it to earn a profit.
Proprietary information about your company might also not be protected without a business will. Trade secrets and other confidential details about your business could be shared if you don't have a business will to protect the information.
You shouldn't overlook the importance of writing a last will and testament if you want to be sure that your assets are distributed accordingly without major legal battles. An attorney at The Law Office of W. Randall Holcomb, PLLC can assist you with creating a will and provide additional legal guidance for planning your estate. Contact The Law Office of W. Randall Holcomb, PLLC today for a consultation.
