If you have not made advanced plans for the distribution of your personal and real property after your death, you may die intestate. Dying intestate means that you have no will. Without a will, your family can face lots of problems in trying to wind up the affairs of your estate.
Nirenstein, Horowitz & Associates can help to make sure you create a legally valid and comprehensive will so you do not die intestate and put your loved ones in a difficult situation. You never know when something will unexpectedly happen to you, so do not take a chance of dying with no will and forcing your family to deal with all of the problems and complications that go along with dying intestate. Call us today to get a will made.
Four Key Problems with Dying Intestate
There are many different reasons why you want to create a will and not die intestate. Four of the key reasons why it makes sense for you to make a will and not pass away without one include the following:
- You don’t get to select an executor: When you make a will, you can select an executor of an estate. This person will not only oversee the probate process and take care of the transfer of assets, but the executor of an estate will also be in charge of managing your assets until heirs or beneficiaries take ownership. If you do not get to select an executor, the court appoints an estate administrator and this person may not be the individual who you would have preferred be in charge of taking care of all of the technical details of winding up your estate. The role of executor of an estate is a very important one and you want the chance to control who is going to be in charge of property management, estate administration, and tax issues after your death.
- Probate can be more expensive and take longer: Probate can already be a very costly process, even with a will. Investopedia estimates costs of probate at around three to seven percent of the value of the estate. If you die intestate, the probate process can take longer than it would have if you had made a will and left instructions. The process can also become more expensive.
- Family fighting is more likely to happen: If you pass away with no will, your family members will not know what your wishes are. Your loved ones may fight over money, property, and family heirlooms. You don’t want your legacy to involve causing a breakdown of relationships among your surviving loved ones after you pass away.
- You will lose control over who inherits: If you die intestate and you have not made other plans for asset transfers, intestacy law will end up dictating who inherits everything that you have worked to earn during your life. Intestacy law is focused on allowing close family members to inherit. However, the intestacy laws are default laws and don’t take your own unique family situation into account. You may want to give money and property to charity or to different family members, and you will lose the chance to do so if you don’t make a will or otherwise take care of estate planning.
There are also many other reasons why you may need a will, which could be specific to your situation. For example, if you have a family business, you need to address what happens to the company and you don’t want intestacy laws determining what should happen to it. Nirenstein, Horowitz & Associates can work with you to make certain you have made a will, and to make sure you have a complete estate plan that uses the legal tools necessary to protect your legacy.
Is a Will Enough?
While making a will is vital to avoid dying intestate, even a will may not be enough to fully protect the people that you love. You should consider using other estate planning tools such as trusts, pay-on-death accounts, strategic titling, and joint-ownership so you can ensure you leave behind exactly the legacy that you had hoped to leave.
Getting Help from A Connecticut Estate Planning Lawyer
Nirenstein, Horowitz & Associates is here to help you make a comprehensive estate plan so you do not die intestate. Give us a call at 860-548-1000 or contact us online to talk with a Connecticut estate planning lawyer today. You can also download our free estate planning worksheet to get more information on the components of a comprehensive estate plan.