You may assume that you don’t need a will or that your future involving estate planning is far off or simply unnecessary because you don’t have enough assets, but far too few adults in the United States have a will in comparison with the number of people who should.
Dying without a will can pose significant problems for your loved ones in the future. Few individuals who have passed away without a will or a living trust can leave behind a high price for their family members. Local and state laws will determine who will inherit and manage a deceased individual’s property if it is not transferred by law or right beneficiary designation.
Those family members who are eligible to inherit a decedent’s state intestate will have to spend a great deal of time and money proving their relationship to the person who passed away or establishing trusts or guardianships for disabled or minor beneficiaries.
Relatives that you may wish not to inherit your assets or disabled heirs who may compromise their eligibility to get SSI or Medicaid benefits could also face additional challenges simply by not having a will in place. Consult with an experienced estate planning attorney today to learn how to avoid these problems.
