Our lives are driven by schedules and daily routines. We live by the rhythm of daily life. We know what to expect every day while taking the kids to school, attending meetings at work, participating in our favorite classes at the gym, and driving our daily commute home. We are so accustomed to our normal routine that our daily lives are on auto-pilot. Then suddenly, a crisis occurs and everything changes.
“The very worst events in life have that effect on a family: we always remember, more sharply than anything else, the last happy moments before everything fell apart.”
― Fredrik Backman, Beartown
When death or a critical accident occurs in our families, we are never ready for the news. Much less, have an action plan in place when a crisis strikes. Dying without a will is something that people rarely think will happen, but avoiding that situation is one of the most important things you can do for your family. When a person dies or is medically incapacitated, verbal wishes are not valid. Only a having a will (or living will) that has been properly executed can ensure any final wishes or delegation of your personal estate.
Each state in the United States has varying laws when personal estates are considered. The local laws, procedures, and protocols will dictate how an estate is distributed. Typically, a probate court will distribute the assets to the spouse, children, or closest living relative. However, probate court can be time consuming, and having estate planning documents in place like a will can prevent your loved ones from dealing with the stress of court.
When someone dies without a will, there are many questions that will arise:
- Is there a mortgage on the house? What happens to the property?
- What happens to any bank accounts or retirement funds?
- Life insurance…did they have any?
- How is the next of kin determined?
- Who will pay for funeral expenses or end-of-life care?
- Who will assume guardianship over the children or pets?
There are so many questions when the unthinkable happens, far too many to consider all of them. When developing your estate plan or will, there are four main pillars that can help you in the process.
- The will should be drafted with the intent to appoint responsibility, and serve as the Last Will and Testament.
- Anyone that has been bequeathed responsibilities, must have testamentary capacity.
- The document has been created in good faith, and legal in intent.
- The document should be ready to be legally executed.
At any point in the process, it is easy to contact an estate planning professional to ensure that final documents are in order. An estate planning attorney can provide services to answer all of your questions, and pose questions that will ensure a complete estate plan.
When the unthinkable occurs in any family, the experience can be stressful and traumatic. However, with some advanced planning an estate plan (or at least a Will) can ease the stressful experience, and provide future security for your loved ones.
