5 Disadvantages Of Not Planning A Will
Whether you believe it or not, a will is more important than you may think. There are many advantages of creating a will and many disadvantages of not creating one. If you are on the fence of whether or not you should create and plan a will then here are a few things you should consider. The following are some disadvantages of not having a will:
1. The absence of a will means that there is no executor. Therefore, upon your passing there will be a need to appoint another person to act as an administrator. If you don’t plan ahead and select this person yourself, all of your assets and plans may be put in jeopardy. The process of appointing another person brings about complications such as delays, additional expenses, and even loss of the property.
2. As a parent, you want the best for your kids, but this might be compromised if you don’t create a will or a trust. If your children are under the age of 18 than they can be put into a foster home if you don’t select a couple beforehand to assume the responsibility to watch over them in case of an emergency. You will not be able to choose the guardian of your choice, and it will be the government’s role to take care of them.
3. Every person has different burial preferences, and without a will, you are denying yourself the opportunity to have a burial or funeral service the way that you would want it. A recent study shows that about 60% of the population don’t have funeral arrangements. This is unfortunate because every person should be able to have a service filled with their loved ones to honor their memory. Not planning a service for yourself can also inflict some people’s religious beliefs.
4. Your kids may not inherit any or all of your assets. Usually, when an elder passes, he or she chooses to pass their assets down to their family members. But if you haven’t provided the proper documentation beforehand, there is a good chance that your loved ones will have a difficult time inheriting your assets. This means that the state will have to determine the future of your children or loved one’s finances. The government will also take a portion of your estates as a fee for the services or your property may be mismanaged. Some of the property that you may have set aside for future investment or as family security may end up being sold.
5. Upon your death, it becomes quite expensive to cater for lawyers and court costs. Preparing a will is cheaper than the cost of solving disputes in court especially when there is a conflict regarding your assets, inheritance, or possible debt that may be owed.
Writing up a will can help to solve a lot of conflicts and also ensure that your assets don’t fall into the wrong hands. It is not a requirement that you need to be elderly in order to prepare a written will. In fact, it is advisable that you set up your will as early as possible.
Disclaimer: This article is intended to provide a general summary of laws in the State of California and should not be construed as a legal opinion nor a complete legal analysis of the subject matter. Noelle Minto is an attorney at NM Law, APC in Tustin, California, a law firm specializing in Trusts & Estates and Business Transactions.
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