There are few times as emotionally straining as when a loved one dies. From grieving their passing to having to handle the aspects of their finances, it’s never an easy time, and there is much to consider. This is why it is so important to create a will to make these tasks go as smoothly as possible. Below are three large areas that will be affected by not having a will written.
The Concerns of Who Gets What
Without a will, the state decides what happens to your assets, including property and possessions. You might think that this is a good idea because otherwise, it becomes a fight between siblings over what they want to get, but the state will decide based on “intestacy” laws meaning the estate may end up not being divided as you would have wanted.
Property, Debts, and Taxes
When you die without a will, the government will decide who gets to take care of your property. This means they may choose to divide up what you own to satisfy any debts you might have left behind.
There are also considerations for property taxes which may be due immediately after your passing, depending on what state you are in. If no one can pay this bill, your remaining assets will likely be seized for payment of these fees. Without a will, there’s no real way to ensure that your beneficiaries can have these taxes paid off before they sell your property.
The Pain of Needing a Guardian
If you would like to make sure that your children get what they need from the estate, it’s smart to name a guardian. Without doing so, there will be no one to take over and handle their financial affairs. By partnering with professionals such as CK Lawyers Probate Lawyer, you can ensure that all the details are handled for everyone left behind.
This person will manage their income and decide what’s best for them with your assets, including property or any inheritance they may get in the future. Without someone doing this job, it may fall to a court-appointed guardian, which is not always ideal at times.
Prepare Today to Avoid Conflict Tomorrow
There’s no better time than now to start preparing for the future. You never know when it will happen, but when it does, you’ll be happy that you took the time to get your affairs together so smoothly, and now you can concentrate on remembering what a great person they were.
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