Most adults understand that estate planning is an important task. They want to provide support and guidance for their loved ones after their passing. However, a large percentage of people procrastinate about estate planning.
Researchers in recent years have determined that roughly 68% of adults lack a will. People close to retirement age are slightly more likely than those earlier in life to have wills in place. However, adults of any age may benefit from establishing a will.
What happens if someone dies without a will?
Conflict is likely
Without a will to support family members and guide the distribution of property, those left behind when a testator dies are likely to disagree on many issues.
Families often end up torn apart by disputes about the allocation of property and even how to support the minor children of the person who died effectively. Without a will, people often impose their own wishes on an estate instead of considering what the deceased person likely wanted.
State law dictates property distribution
People who draft wills can choose their own beneficiaries. They can leave assets for friends and romantic partners they never marry. They can provide assets for grandchildren and other family members.
If someone dies without a will, then intestate succession laws control their property. A young adult with no children and no spouse may unintentionally leave everything to their parents if they die without a will.
Sitting down with a skilled legal team to draft a will, and then keeping it updated, is beneficial for a testator and those who are close to them. Wills provide peace of mind and also support those left behind when someone dies.
