Some people don't think about how their actions might influence matters after their death. Most people, however, when they consider the ramifications, want to make things as easy as possible for their loved ones after they pass away. Having a complete estate plan that includes a last will and testament is the main goal. If you fail to complete any other provision, at least, with a will, you've made your wishes about a wide variety of matters known. Read on to find out how difficult things might be if you fail to create a will as part of your estate plan.
Who's in Charge?
No matter what, someone will need to oversee your estate. If you don't have a will, the local county probate court will make it their business to appoint someone for you. The personal representative (or executor) should be a person who knows you, who understands what you want, who's honest, and who is motivated to do the right thing. Wouldn't you rather be the one to make this important decision? The duties of the personal representative are many, so appoint someone who you can trust to do a good job:
- Paying the debts of the estate.
- Performing a property list of the estate.
- Keeping property well-maintained during probate.
- Making sure the beneficiaries receive their inheritances.
Who Gets Your Estate?
When the word estate is used in relation to a death, it means all the property holdings of the deceased. It's the home, the car, the furniture, and everything else the deceased owns at the time of their death. When someone passes away without a will (intestate), strangers will be put in charge of your estate. The probate court will see to it that your bills are paid and then the remainder is provided to your survivors based on the laws of succession. Your pets, your jewelry, and all of your belongings will pass to your spouse. If no living spouse is found, the rules of succession are followed. Creating a will, though, makes it perfectly clear who you want to inherit your possessions.
What About Minor-aged Children?
If you are a single parent, a will can create provisions that prevent strangers from making decisions about their ongoing care. You can either use a will or a revocable trust to appoint a trusted friend or relative to be in charge of your children. In addition, you can arrange for a sum of money to be provided for their care.
Speak to a probate attorney, like Robert J. Ameen, Attorney at Law, for more information.
