To Will or Not to Will?
Should you get your will done now or is it something you should wait to do until you’re ready?
That’s a question people of many different ages ask themselves from their 30s through their 60s, wondering if it really matters that they do it now or later, when they feel like they’re closer to their expiration date.
When someone dies without a will, there are many problems that can arise from handling their estate, and the transference of their assets and property over to the right family members or friends.
By looking at what’s going on with recently deceased Rock Star Prince’s family, since it appears he died without leaving a will for his estate, people should start working on a will immediately if they don’t want similar problems facing their family and friends.
For Prince, since he didn’t have children and he has no living parents, his estate doesn’t just roll over to any specific person. His sister, Tyka Nelson, has filed a petition in the Minnesota Probate Court claiming that Prince died intestate, which means he died without a will. Prince also has several half-brothers and half-sisters, so there are several claims to their relatives’ estate.
Why risk your family and friends having disagreements that make them look greedy or ungrateful? Instead, make sure you get a will done, and complete your own estate planning.
5 Problems of Not Leaving a Will
We’ve laid out a few reasons why you should plan your estate now, and write a will.
- No Children, No Inheritance?
If you don’t have any children, you might think to yourself, “Well, I don’t have any children to inherit my assets, so why do a will?”
It’s important to know that whatever assets you might have still hold value – and if you don’t leave them to someone, even if they’re not your children, then most likely, the government will take control of your assets. It’s possible that’s exactly what you want, but why not write it down so there is no question?
- Sibling Rivalries Should Be Civil!
If you don’t have kids and you don’t have living parents, it might be a case where your brothers and sisters start claiming everything that’s yours.
Or what if you have multiple children, and they decide to argue over who gets what?
Ideally, it would get split up evenly, but some might live a few states away, while others live close by. The children that live far away probably feel left out and that their brothers/sisters might be taking advantage of them, or not sharing everything with them.
- Is Everything Accounted For?
Really, only you know where all of your assets are, including property, stocks and bonds, savings accounts, art, jewelry, collectibles and other items that can be considered valuable.
It’s quite possible that if you don’t leave a will, your family members will come into your house and just share whatever is in there, completely unaware of all the assets and property not inside the house. Leave a will that tells them exactly what’s out there, and exactly who should get it – even if the answer is all of your family members should share it evenly.
- Give the Right Heirlooms to the Right Family Members
That’s not even mentioning all the family heirlooms that might hold great value to just your family members – who gets that 90-year-old grandfather clock? Who gets the china your grandmother bought 80 years ago?
What about those baseball cards you collected as a kid? Who gets your 1961 Mickey Mantle card? Will the right person get your collectibles that will appreciate them?
- Ruining the Celebration of Your Life
Finally, by not leaving a will to help your family and friends understand your wishes, you might un-will-ingly cause them to fight or resent one another after your death. Could there be anything more disheartening to know that rather than your family missing you and sharing wonderful memories, they’re grumbling about your insensitivity for how you handled your estate?
If your estate is under a certain amount, your heirs might be able to claim an inheritance without formally applying for probate. But why risk that?
Contact your lawyer or do some research on Local Estate Lawyers and get a legal will done as soon as possible, including not just who gets what, but where you’d like to be buried, and how you would like your funeral to be handled.
At The Gardens of Boca Raton – Cemetery and Chapel, we’ve seen what happens with families that disagree with each other after no will is left by the deceased. Try to avoid adding trouble to a time your family will already be struggling with the loss of your love.