It makes sense to have a will and testament in place, but in this fast-paced life it is one of those most important details that is often overlooked and pushed to our minds as a task for the future. One of those things we never get around to doing until it is too late, and too late is when it matters most.
Sometimes’ the future is too late.
But what actually happens if you die without a will?
Let’s say you have a million dollars in cash, property, and assets and have not arranged a will with an estate administration lawyer or independently. It’s very unlikely that there will be no close or distant relatives knocking on the door to claim this property and assets. A distant relative of whom you had never heard of during your time walking the earth, will pop out of nowhere, cap in hand, looking for a slice of the action.
But if that doesn’t happen first. Without a shadow of a doubt your creditors will close in like a wake of famished vultures. And they’ll be the first to pick apart the remains of your estate and claim whatever they can — credit card companies, mortgage payments, store cards, insurance payments, medical bills, income-tax. All those entities who hounded your life on this planet will scavenge your remains once you are dead.
If there’s anything left over in the till, the government will typically keep it. This remaining fund will be kept tight in an account that nobody is allowed to touch for several years.
If you die without a valid last will and testament the government will after months and years of holding onto your estate typically decide how your assets are to be distributed. Usually, this means all your assets will pass to your spouse. If you do not have a spouse, the order of relatives who are eligible to inherit is as follows and in this order: Children / Parents / Brothers and sisters / Grandparents / Aunts and uncles / Cousins.
But the situation becomes more complex if you have a legal spouse and a de facto spouse or if you have children from different relationships or even adopted grown-up children. All are entitled to challenge for their own interests and this can slow down the entire practice.
Basically, if you die without a will, and without eligible relatives, your estate will be passed onto the State. Having a valid will is vital if you want to leave gifts to friends or charities.
The power to stop this mess from occurring is entirely in your own hands. Make a will with an estate administration lawyer as soon as possible and rest assured that your property will be left to those who properly deserve to benefit. It may be the best investment decision that you ever make for the future of your loved ones.
