Estate Planning Lawyer
Many people still underestimate the importance of establishing a will. They might think that they are too young or don’t have enough assets yet. However, not having a proper will in place can lead to various challenges.
Here are some consequences of dying without a will that you should know about.
You Won’t Appoint Legal Guardians for Your Kids
If you have minor children, it is important to consider what will happen to them if you should die unexpectedly. You want to make sure that someone you trust will look after them. That is why it is so important to create a will. The legal document allows you to appoint a legal guardian for your children. If you die without a will, however, the court will have to appoint a guardian. It might be someone you would have wanted to take care of your children.
You Lose the Chance to State Your Funeral and Burial Preferences
In your will, you also have the opportunity to provide your funeral and burial preferences. You do not want to leave your family members with the burden of deciding for you. They may have different ideas of the appropriate service for you and get into arguments. By establishing a will early with an estate planning lawyer, you can relieve your loved one of this burden.
You Can’t Explain Your Wishes
If you have a will, you have the chance to clearly explain your wishes to your loved ones. For example, if you want to leave a large inheritance to a child that is not financially stable as your other children, you should state that in your will. This way, you may be able to prevent future conflict and hurt feelings.
You Will not Be Able to Name an Executor
The executor is responsible for making sure that your final wishes are carried out and that your assets go to the right people. That is another reason why it is essential to have a will. You can name the person you want to serve as your executor, whether that is a family member, friend or third-party.
Your Children May Receive Assets Too Soon
If you leave your children an inheritance, they will receive them once they reach the age of majority. However, if you are leaving them a big inheritance, they may not be ready to handle it all at 18. If you have an estate plan, the legal professionals at Silverman Law Office, PLLC may arrange a trust for your kids so that they get smaller amounts of money over a certain period of time.
You Will not Be Able to Reduce Estate Taxes
Ideally, you want your family members to pay as little estate tax as they can. If you establish a will, you may be able to reduce these taxes.
If you recently received a personal injury settlement, you may want to talk to your estate planning lawyer about including that in your estate plan.