When you die without a will or trust, your estate enters a legal state known as intestacy. This can lead to significant complications and uncertainties for your loved ones. When you understand the consequences, you can see why proper estate planning is important.
The Intestacy Process
If you die intestate in Connecticut where we practice, the state’s intestacy laws would determine how your assets are distributed. Let’s look at a general overview of the process that would unfold in court.
- Appointment of an Administrator: The court appoints a personal representative to handle your estate. This person is often a close relative, but it may be someone else the court selects.
- Asset Inventory: The administrator compiles a list of your assets and debts. This process can take time, especially if your finances are complex or if you own property in multiple states.
- Debt Payment: Before any distributions to heirs are made, your debts and taxes must be paid. This can include mortgage payments, credit card debts, and other obligations.
- Distribution to Heirs: After debts and taxes are settled, the remaining assets are distributed according to state law. Typically, assets go to your closest relatives, such as your spouse and children. If you have no direct descendants, assets may go to more distant relatives.
Potential Complications
Dying without a will or trust can create several complications:
- Family Disputes: Without clear instructions, family members might disagree about the distribution of assets. This can lead to legal battles and strained relationships.
- Extended Probate Process: Intestacy often results in a longer probate process. This delay can be stressful for your loved ones, especially if they need access to funds for immediate expenses.
- Unintended Beneficiaries: The state’s distribution plan may not reflect your wishes. For instance, if you have a partner but are not legally married, they might not inherit anything.
- Higher Costs: The intestacy process can be expensive due to legal fees, court costs, and administrative expenses. These costs reduce the overall value of your estate.
Impact on Minor Children
If you have minor children and die without a will, the court decides who becomes their guardian. This decision might not align with your preferences, and it can be a contentious issue among family members.
Preventing Intestacy
Preventing intestacy is straightforward when you engage an estate planning lawyer. Here’s how they can help you avoid the pitfalls of dying without a will or trust:
- Drafting a Will: An estate planning lawyer can draft a legally binding will that outlines your wishes for asset distribution and guardianship of minor children. This document ensures that your assets go to the right people and that your children are cared for according to your wishes.
- Setting Up a Trust: A lawyer can also help you set up a trust. Trusts offer more control over asset distribution and can help avoid probate, saving time and money. They are particularly useful for managing complex estates or providing for beneficiaries over time.
- Updating Documents: Life changes, such as marriage, divorce, or the birth of a child, can affect your estate plan. An estate planning lawyer ensures your documents are up-to-date and reflect your current wishes.
- Legal Advice: Estate laws can be complex and vary by state. A lawyer provides expert advice tailored to your situation, ensuring your estate plan complies with all legal requirements.
Simplicity, Straightforward Process
Working with an estate planning lawyer from our firm is easier than you might think. Here’s a simple outline of the process:
- Initial Consultation: During your first meeting, we will discuss your goals and review your financial situation. This helps us understand your needs so we can suggest appropriate strategies.
- Drafting Documents: After you make your decisions, we will draft the necessary documents based on our discussions. These documents will typically include your will and/or trust, power of attorney to account for incapacity, and healthcare directives.
- Review and Signing: You review the documents to ensure they reflect your wishes and finalize the plan so it is legally binding.
- Ongoing Support: We will always remain available for any updates or changes. Our firm can also assist your family with the estate administration process when the time comes.
Let’s Get Started!
To set the wheels in motion, call our Westport or Glastonbury, CT estate planning offices at 860-548-1000. If you would rather send us a message, fill out our contact form and we will get back in touch with you promptly.
