Did you know that most people die before they get a chance to make a will? If you are an American, the chances are even higher. Likely, you would not dictate how you want your property shared after death. Why is this? What makes wills important? What even is a will? This article will explain all you need to know about this concept.
The Definition of a Will
A will, also known as a last will and testament, is a legal document that states how a person wants their wealth, including their funds, estate, or items of monetary and sentimental value, to be distributed upon their death. You can consult probate attorney Samah T. Abukhodeir of The Florida Probate & Family Law Firm to gain a better understanding of the things to be careful of when making a will.
Why You Should Have a Will
A will allows you to control how your estate is distributed, unlike when you leave it to the law. Although estate laws and designation of heirs are jurisdictional in the US (that is, they vary by state), there are elements of similarity across jurisdictions. Generally, if you are married, the estate passes to your spouse. If you are unmarried or divorced, your children become the inheritors of the estate. Family members come next in line if you do not have a child.
The line of inheritance within your family begins with your biological parents and then your biological siblings. However, most of the time, if you are not married or do not have children, your parents or siblings may not get to inherit your estate unless you state it in your will. Why is this? The foundation of estate laws and inheritance in America is ancient. The law only considers the nuclear family when finding an inheritor. It doesn’t take into account modern realities.
So, if you have a loved one you are not married to, a godmother who raised you, or children born out of wedlock, they all stand no chance of inheriting your estate if not stated in a will. Sadly, it sets your loved ones on a vast legal hurdle when navigating the tricky waters of estate laws.
How You Can Make Your Will Indirectly
Sometimes, you may not have to call an attorney and have a formal testament to determine who inherits some of your properties/wealth. For example, your bank account beneficiary inherits your funds should you die. Also, you may transfer the ownership of your house to anyone you like through a pass-on-death deed. This deed allows you to appoint someone as the beneficiary of your house in case of your demise, working like a bank account beneficiary.
Factors That Affect Making a Will
Different factors contribute to the failure of a person to make a will before they die. These factors include the following:
- Long process.
- It may become expensive to hire a lawyer.
- Procrastination.
- People dislike having thoughts of their demise.
- Less property to pass on.
How Failing to Make a Will Affects You
According to research, people with non-traditional families (that is, non-nuclear families) are affected the most when they do not make a will. When you have an unmarried partner and do not make a will including them in your estate, the likelihood of them inheriting your property is slim. However, this varies by state. In some states, unmarried partners can live together for several years before the law recognizes them as a couple. It may open a window for them to inherit part of your estate.
Generally, if you have stepchildren and foster children and do not have a will that names them as inheritors, the law may likely exclude them from inheriting your estate. Non-biological children that you did not legally adopt also face the same problem. The problem is that when you do not make a will that states your non-traditional family members as your inheritors, members of your extended family jump next in line. The law refers to these people as collateral relatives.
Another problem is if you are a woman with children but remarry. If you do not make a will that states the children as your inheritors, a large portion of your estate will pass to your spouse. The spouse may then refuse to give your children anything from your estate. The inheritor line from them falls within the spouse’s family and not your children, even if the spouse remarries and dies without a will.
How to Avoid These Intestacy Complications
You should make a will. A will clearly defines who you want to inherit your wealth. You may also make an estate planning document. This is a document that lists the beneficiary of your estate. Navigating legal matters can be complex. Consulting with an attorney can help ensure that your wishes are clearly expressed and a handwritten will is legally enforceable as a legally binding document to solve the problem of the cost of engaging a lawyer. You do not need a lawyer to prepare a formal will for you.
Conclusion
Although state laws have now begun to accept handwritten or digital documents without the input of a lawyer as wills, some may choose to dispute these documents, which could lead to a long legal battle. However, you can avoid any sort of legal contest by preparing a formal will and engaging a lawyer to prepare the documents for you. It saves a lot of time and helps your loved ones avoid a legal battle. A lawyer understands the law and can help your loved ones navigate it when they encounter future problems.
