If your older adult wants to be sure that their assets and property will be given to certain people or organizations after they pass away, they must have a will.
A will is especially important if your older adult plans to give assets to their unmarried partner, close friends, or charities.
Otherwise, the court decides what happens to their property – and certain people or groups will be left out because of the current laws.
What is a will used for?
A will is a simple, inexpensive legal document that states someone’s final wishes.
It’s used by the county court to make sure those wishes are carried out.
Some people also use a will to:
- Name an executor to carry out the terms of the will
- Name someone to manage property left to minor children
- Decide how debts and taxes will be paid
- Provide for pets
- Serve as a backup to a living trust
A will does not cover every situation, but it’s much better than having nothing in place. Plus, a will saves family the headache and costs of a prolonged probate.
For more complex situations or to accomplish things that cannot be included in a will, it’s best to talk with a lawyer to see if a trust or estate plan would work better.
What happens when someone doesn’t have a will?
When someone dies without a will, it’s called dying “intestate.”
When that happens, none of the potential heirs has any say over who gets the estate (the assets and property).
When there’s no will, the estate goes into probate.
Probate is a legal process in which the probate court uses the laws of the state to decide who inherits what.
Probate can take anywhere from a few months to a few years, depending on how complicated the estate is.
Legal fees are paid out of the estate and it often gets expensive.
What happens when an estate without a will goes into probate?
The intestate succession laws that decide who will inherit are different in every state.
Usually, the estate will be split between the surviving spouse and children.
If someone is single with no kids, the state will decide which relatives will inherit. If no relatives can be found, the entire estate goes to the state.
Usually, only spouses, registered domestic partners, and blood relatives can inherit under intestate laws. Unmarried partners, friends, and charities get nothing.
Read more related articles at:
Also, read one of our previous Blogs at:
Click here to check out our On Demand Video about Estate Planning.