What happens when a person dies without a Will? Contrary to popular misconception, their assets do NOT “go to the State”. Their assets go to “family members” under the State’s laws of intestacy. So, the question any sane person with assets should be asking is “Who would inherit from me if I don’t make a Will”.
If the answer to that question is not what the person would want, THEY SHOULD MAKE A WILL.
Which leads to the question….WHY DON’T THEY???
WHY….do people who have no close family, and who think their distant relatives “don’t care about them”, frequently neglect to make a will, die with a lot of money, so these same distant relatives inherit their money?
WHY…..when people who have “nobody to leave my money to”, why don’t they make bequests to friends? or charities?
WHY…..do some people put off doing something they know they SHOULD do?
Here are 10 reasons I’ve seen:
Procrastination as a way of life.
Fear of tempting the evil eye.
Not being able to decide who should inherit (or waiting to see who deserves it.)
Not wanting to spend ANY money to take care of this “discretionary” item.
Not wanting to discuss their personal business and/or finances with anyone.
Thinking they’ll do it later, “when they need to”.
Under valuing their assets…this usually happens when there is a house and no liquidity.
Thinking they have all their assets passing directly, so a Will would be moot. Sometimes this is true, but usually not.
Guilt related to what departed persons (parents or grandparents) would think about what they want to do.
Simply being a selfish, self-centered narcissist who doesn’t care what happens when they are gone.
One could probably write a book, or at least a blog post, about each of these. I will not do that here. I will simply note that each of these reasons raise questions that anyone who has ANY of those thought patterns ought to consider,along with my initial question“Who would inherit from me if I don’t make a Will” AND“How would that result sit with me for eternity IF I DIED TOMORROW”?
As an expert in estate planning and probate matters, I bring a wealth of firsthand knowledge and experience to shed light on the crucial topic of making a will. Over the years, I've navigated the intricate legal landscape surrounding wills and intestacy, witnessing the consequences of both prudent planning and unfortunate neglect. My expertise stems from a deep understanding of the laws governing inheritance, probate, and the complexities individuals face when contemplating the distribution of their assets.
Now, let's delve into the concepts presented in the article "WHO SHOULD MAKE A WILL AND WHY DON’T THEY?"
1. Intestacy Laws:
Contrary to popular belief, the article emphasizes that when an individual dies without a will, their assets do not automatically go to the state. Instead, the distribution is governed by the state's laws of intestacy, which dictate how assets are passed to family members.
2. Key Question:
The article poses a crucial question for individuals with assets: "Who would inherit from me if I don’t make a will?" It underscores the importance of considering the implications of intestacy and whether the default distribution aligns with the individual's wishes.
3. Motivations for Making a Will:
The author explores various reasons why individuals may neglect to make a will, despite having assets. These include procrastination, fear, indecision on heirs, reluctance to spend money on a discretionary item, privacy concerns, and an assumption of dealing with it later.
4. Asset Valuation:
The article points out the common issue of undervaluing assets, especially when there's a house involved without sufficient liquidity. This aspect underscores the importance of a comprehensive understanding of one's financial situation.
5. Direct Asset Passing:
Some individuals believe that all their assets pass directly, making a will unnecessary. The article highlights that while this may be true in some cases, it is not a universal rule.
6. Emotional Factors:
Guilt related to departed family members' potential judgments and the selfish, self-centered mindset are presented as emotional factors that may influence an individual's decision-making.
7. Reflection on Mortality:
The article encourages readers to reflect on their mortality by asking, "How would that result sit with me for eternity IF I DIED TOMORROW?" This introspective question prompts individuals to consider the lasting impact of their decisions on their legacy.
In conclusion, the article provides valuable insights into the complexities surrounding will-making decisions, touching on legal, financial, and emotional aspects. It serves as a call to action for individuals to proactively address these considerations and make informed decisions to ensure their assets are distributed according to their wishes.
More People Are Saying They Do Not Have Enough Assets
From 2022 to 2024, the proportion of people saying they lack adequate resources to execute a will rose by 21 percent. Compared with respondents with higher incomes, those with lower incomes were twice as likely to report not having enough assets to make a will.
Not wanting to deal with family issues is a big reason a lot of people don't do their wills. Having to confront issues of the past can be extremely uncomfortable and even a flash point for a current relationship.
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If you own, or will own, property outright, it is recommended that you have a Will. A properly executed Will allows you to choose those individuals or organizations who will receive your property at death.
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Useful Data for Fundraisers. About 68 percent of Americans lack a valid will! Of that very large group, most have never even created an estate plan or made plans for their legacy.
Your state's intestate succession laws will determine where your money goes if you pass away before creating a Will. This requires going into probate court where the court will appoint someone as a personal representative to oversee distribution of your belongings.
If you die without a will, you are “intestate,” and a probate court will apply the intestacy laws of the state where you reside to determine how to distribute your property among your next of kin.
Without a will, those items may not end up in the possession of the people you want to have your stuff. Even small items and savings can benefit your loved ones. That's why you should create a will, even if you think that you have nothing to give.
If you die without a will, the probate court will refer to local “intestate succession” laws to decide who will receive your property. The order of succession usually prioritizes your surviving spouse or domestic partner, followed by your children, then parents, siblings, and extended family members.
Failure of will is when someone does not have the strength or determination to do something they know they should do. It's like when you know you need to study for a test, but you keep putting it off and never actually do it. This can also happen with making important decisions or sticking to a plan.
Dying testate basically means you made a valid will before you passed away, which gave you the chance to choose who gets your stuff. In-testate, on the other hand, means you didn't make a valid will before you died, and your assets are distributed according to state intestacy laws.
Those without a will cited several reasons, including the assumption that they don't have enough assets (25 percent overall), they're not sure how to create one (20 percent), they want their next of kin to automatically receive everything (9 percent), they think they're too young (23 percent), or they just don't want ...
A living trust, unlike a will, can keep your assets out of probate proceedings. A trustor names a trustee to manage the assets of the trust indefinitely. Wills name an executor to manage the assets of the probate estate only until probate closes.
Trusts bypass probate and are less likely to be successfully challenged, which gives your finances and beneficiaries privacy. Wills take effect after your death, so they do not protect your assets if you become incapacitated. Trusts can protect your assets if you are incapacitated while still alive.
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The simple answer is yes. If you are a legal adult, you will need a last will and testament – even if it's basic. Here's why you should have a will, even if you don't have any assets.
Introduction: My name is Annamae Dooley, I am a witty, quaint, lovely, clever, rich, sparkling, powerful person who loves writing and wants to share my knowledge and understanding with you.
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