The Dangers of Dying Without an Estate Plan in Place

 Posted on December 29, 2018 in Estate Planning

According to several recent surveys, about 55 percent of American adults do not have a will. Of those, approximately 60 percent say it is simply because they have not had the chance to create one, but human nature suggests that there may be another motive. Many people are simply unwilling to consider their own mortality and to face the reality of death. Unfortunately, this can lead to serious consequences, even for those who do not have particularly large estates. Unfortunately, dying without a will or other estate planning tools can lead to some unpleasant consequences.

Depreciation of Assets

There are a number of reasons that assets may depreciate after death. It could be due to the red tape and time it takes to go through the Illinois probate system. Alternatively, valuable funds may need to be spent on tracking down family members that you might not have even had planned to inherit (or may very well be deceased). Taxes, which often end up being higher in the absence of a will, can also affect the value of the estate. Regardless of the reason, the absence of a will makes depreciation almost unavoidable.

Family Disputes

Families do not often intend to fight over items of value. Sometimes, it is simply a manifestation of troubling economic times. In other situations, it is because one family member has an emotional attachment to an item that is separate from its appraised monetary value. In still others, there are issues of speculation and feelings of being betrayed that may play a role. By taking the time to create a will, you can help your family members avoid such issues after your death.

Sentiment or Practicality

While on the subject of sentimental value, it is also important to consider when sentiment and practicality clash. Take, for example, a family heirloom. Whom does it go to and why? Are they allowed to sell it? Should the heirloom be given to a family member, even if there is a risk of the item leaving the family forever? These are common issues that arise up for families who are left to sort through belongings in the absence of a will. Such circumstances can also spark arguments among those you loved most.

Contact a DuPage County Wills and Trust Lawyer

No one is guaranteed a set amount of time on this earth. Life can change in the blink of an eye, so do not leave the fate of your estate (or your children) to chance. Instead, contact A. Traub & Associates and schedule your initial consultation with a Lombard estate planning lawyer. Call 630-426-0196 to get started today.

Sources:

http://www.huffingtonpost.com/entry/7-nasty-things-that-could-happen-if-you-die-without-a-will_us_5731f3a5e4b016f37897005b

https://www.businessinsider.com/what-happens-if-you-die-without-a-will-2018-8