Making a will might not be on everyone’s mind. After all, death is an unpleasant topic. No one wants to think what would happen if they ended up dead without a will. But without a will, chaos might ensue. Should the unthinkable happen, be it due to an accident, sickness, or advanced age, your loved ones will struggle with the fallout. A will is an instrument for the living. It provides a low-cost safety net and peace of mind that no matter what happens, you remain in control of your property.
The Intestate Estate
If you die without a will, or intestate as the law calls this situation, the state steps in and decides how to distribute your property according to the state’s statutory inheritance laws. While this might sound simple it often creates a distribution that no one is happy with. Statutes only look at monetary value. They seek to slice up and distribute your property like a piece of cake. Unfortunately, unless your assets consist of actual cake or something that can be similarly divided up, like cash, your heirs will end up with a fraction of everything, which might amount to nothing at all. After all, what do you do with half a car? If your heirs, including heirs you may not even be aware of, cannot unanimously agree on a better distribution, court hearings might tie up your estate for years. Family heirlooms might end up at auction.
The Prince Estate
Prince Rogers Nelson, the singer formerly known as Prince, died intestate on April 21, 2016, at the age of 57. When the news broke that Prince did not have a will, scores of people emerged claiming to be Prince’s relatives. A simple will would have prevented the ensuing confusion and litigation. But because Prince did not have a will, it took nearly six years to settle Prince’s estate and the numerous appeals filed by would-be heirs. In the end, the largest share went to a well-funded record company. Was it Prince’s will to give away his music, at the expense of his family? Without a will, we will never know.
Conclusion
A will is a simple legal instrument that can help settle your affairs in the event the unthinkable happens. First, it shuts out imposters and relatives you may have never heard of. Second, it provides a peace of mind that your loved ones are taken care of. Finally, it ensures they do not end up in costly litigation that can destroy families and take years. Best of all, we can prepare a will for you quickly at a cost that pales in comparison to the alternative. Speak to us today to make sure you and your family are protected.
Image credit: Pavel Danilyuk