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Elder Law Answers "When Luck Isn't Enough" Ep3 2021
When The Luck of the Irish Just Isn't Good Enough
Why people either choose to not have a last will & testament or one that doesn’t properly address the probate issues and the effects of not having a last will & testament.
Background:
• Probate: The legal process a person’s estate goes through after they die. Ensures their outstanding debts and taxes are paid before their assets are distributed to their beneficiaries.
• Intestate Estate: If the decedent did not have a valid will or their will inadequately addresses the issues at hand, then the state’s laws of intestacy fill in the blanks for the probate process. Basically, intestacy laws are the ‘default’ laws for probate.
• According to the American Bar Association, 55% of Americans die without a will.
• According to AARP, 47% of Americans polled who did not yet have an estate plan in place cited just not “getting around to it” as their reason for not establishing a plan.
• When you die intestate, you leave your estate to chance with the default laws in your state.
• Instead of designating the person you wish to serve as your personal representative, whoever applies first to the courthouse may be appointed to administer your estate.
• A will is needed to prevent the need for a bond.
• Your verbal promises are worthless. The law equitably divides your assets according to degrees of relationship.
• Even if a beneficiary disclaims an inheritance that wasn’t intended for them, it still causes issues because they are considered to have predeceased.
• Unintended beneficiary may refuse to or not fix the issue in a timely way.
• Unintended beneficiary may have their own complications if they try to fix it.
• Minor or disabled beneficiaries will probably need court to manage that inheritance while they are minor/disabled, but then they immediately get it at age 18 or when disability no longer exists.
• A will is where we name guardians for our minor children.
• Probate may take longer without a will which increases the costs incurred by your estate as well.
• A poorly drafted will (especially if you do it yourself) may leave questions unanswered requiring the default laws to fill in those blanks.
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By Seamon Law Offices
4.3
44 ratings
When The Luck of the Irish Just Isn't Good Enough
Why people either choose to not have a last will & testament or one that doesn’t properly address the probate issues and the effects of not having a last will & testament.
Background:
• Probate: The legal process a person’s estate goes through after they die. Ensures their outstanding debts and taxes are paid before their assets are distributed to their beneficiaries.
• Intestate Estate: If the decedent did not have a valid will or their will inadequately addresses the issues at hand, then the state’s laws of intestacy fill in the blanks for the probate process. Basically, intestacy laws are the ‘default’ laws for probate.
• According to the American Bar Association, 55% of Americans die without a will.
• According to AARP, 47% of Americans polled who did not yet have an estate plan in place cited just not “getting around to it” as their reason for not establishing a plan.
• When you die intestate, you leave your estate to chance with the default laws in your state.
• Instead of designating the person you wish to serve as your personal representative, whoever applies first to the courthouse may be appointed to administer your estate.
• A will is needed to prevent the need for a bond.
• Your verbal promises are worthless. The law equitably divides your assets according to degrees of relationship.
• Even if a beneficiary disclaims an inheritance that wasn’t intended for them, it still causes issues because they are considered to have predeceased.
• Unintended beneficiary may refuse to or not fix the issue in a timely way.
• Unintended beneficiary may have their own complications if they try to fix it.
• Minor or disabled beneficiaries will probably need court to manage that inheritance while they are minor/disabled, but then they immediately get it at age 18 or when disability no longer exists.
• A will is where we name guardians for our minor children.
• Probate may take longer without a will which increases the costs incurred by your estate as well.
• A poorly drafted will (especially if you do it yourself) may leave questions unanswered requiring the default laws to fill in those blanks.