Putting Off Creating Your Will Could Be Disastrous
Updated: Mar 17
Procrastination is never good. However, it has the potential to be devastating when it comes to not having a Will. The future is unpredictable. If you die without a Will or some estate plan in place, you are risking the possibility that the state could step in and take all your assets, leaving your family and friends with nothing.
It’s Never Too Early for a Will
Most people are so busy with their daily lives that thinking about a Will, Power of Attorney or Healthcare Proxy can be the farthest thing from their mind. Besides, if you are in your twenties, thirties or even forties, don’t you have plenty of time to get your estate in order? Well, unless you are a huge risk taker and don’t mind the possibility of the state controlling your assets, the answer is “no.”
No matter your age, or your level of wealth, you should be preparing even basic estate planning documents like a Will, Power of Attorney, and Healthcare Proxy.
The State and Your Estate
If you die without a Will or some estate plan, you will be considered to have died “intestate.” Without a Will, the state has particular asset distribution models that it applies to your assets. The state guidelines do not consider any of your wishes as far as who gets your property or belongings. Instead, the state distributes the assets per its schedule even if you would not have wanted a particular person to benefit from your death.
Your Final Wishes
For example, what if you were in the middle of a lengthy divorce and were planning on getting remarried? If you die without a Will, the state may give all of your assets to the spouse who was soon to be your ex-spouse. This is probably not something you would have wanted, but there is nothing that anyone in your family can do to prevent it.
An Intestate Example
Recently, there was a situation involving a 25-year-old man who had been thrown out of his house by his stepbrother when he was only 17-years-old. The man had no other family but had a fiancé who he was planning on marrying. The man struggled for years after being thrown out of the house by the stepbrother and was homeless and forced to live in his car and on the streets. Despite these circumstances, he managed to put himself through college, land a good job, and find the love of his life.
He had told his fiancé numerous times how he could never forgive his stepbrother and never wanted anything to do with him again. Unfortunately, the man was involved in a motor vehicle accident and died. Because he didn’t have a Will, his fiancé got nothing, and his next of kin - his stepbrother - received everything.
Now is the Time for a Will
You never know what tomorrow will bring. Don’t run the risk of having your assets and belongings seized by the state or handed out to individuals to whom you would not have chosen. Don’t put off creating a Will or an estate plan.
For more information, visit us at Gentreo.com. We provide a simple and affordable way to create a heath and estate family plan.
Gentreo is not a law firm or a substitute for a law firm, or attorney, or an attorney’s advice or recommendations.