Some people establish estate plans for their own protection. They worry about their finances in the future or about their medical vulnerability. For many others, concerns about their loved ones are the main incentive to address their own mortality. They want to ensure that their spouses, children, closest friends and romantic partners have support if anything happens to them.
Sadly, many people procrastinate about estate planning, which may put their loved ones in a very difficult position. If someone dies without a will, their lack of an estate plan can cause numerous challenges and hardships for their surviving loved ones.
Intestate succession may not be ideal
When someone dies without a will, there are state regulations that determine what happens to their property. The immediate family members of the person who died without a will are typically the people who inherit their resources.
Spouses and children may inherit all of an individual’s estate in some cases. Other times, parents and other close family members may inherit the assets that belonged to people who did not marry or have children before they died.
Intestate succession laws provide minimal guidance and may lead to conflicts about the value of resources and how to distribute individual estate assets. Leaving a testamentary instrument can help prevent loved ones from fighting and can ensure that those without a legal or familial relationship to the decedent have protection.
Emergencies can tear a family apart
Estate planning is not just about mortality. It is also about personal emergencies. People often draft advance directives discussing their medical preferences. They may also establish powers of attorney that allow someone they trust to pay their bills, run their business or make their medical decisions.
Without those documents in place, family members may argue among themselves about what choices to make. In some cases, including single-parent families, the lack of prior planning could lead to financial devastation because no one can manage household matters while the parent remains incapacitated.
Establishing an estate plan can protect the resources that matter to family members, take the pressure off of them in an emergency and limit the amount of family fighting that occurs. People who worry about their family members might want to draft and regularly update estate plans for the protection of their closest loved ones.