What happens when a loved one passes away without creating a will?
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Like conventional wisdom says is true, life is short. A person may be alive today, then gone tomorrow.
There are some opportunities now that one might consider irrelevant and untimely to worry about, like guaranteeing one's family's future and arranging their assets.
However, if one won't heed such concerns any attention now, they may run out of chances to secure their loved ones' safety and welfare.
That's why it's crucial to plan for one's family's future and ensure that no matter what may happen, they won't be left behind without any assistance to rely on.
Also, if you think that your assets will automatically go to your kin even without a willed document or a legal authorisation letter, know that it might not be possible today.
To better prevent such things from happening, it'd be best to consider making one's last will now. Because if not, their loved ones may suffer the long processes of probate, and conflicts may arise. For better ideas, check out this article.
Things to know about last will
Although some people may consider this aspect trivial compared to other things, having a will could be of great importance in securing your family's welfare in case of unexpected diseases or untimely death.
In cases wherein a person dies without a will, their loved ones might need a letter of administration to process their properties. To get one, one can apply through online sites like Willed.
For people who are wondering about what the last will is for and what the consequences are for not having it earlier, here's a list of some facts about it:
- The last will, among the other types of legal documents one must prioritise prior to their death, refers to the legal documents that convey one's wishes on how their properties will be utilised.
- Particularly, a will pertains to a document that contains a person's set of conditions about their assets, beneficiaries, and dependents.
- While some people often use the terms last will and a living will to refer to one another, it's essential to know that they're different in many ways. To begin with, the last will may consist of an outline of your preferences on how your assets and properties should be managed upon your demise. You may also indicate in this document how your accounts and interests would be handled.
- On the other hand, a living will may indicate one's choices toward life support that would be given to them if they're not mentally and physically able to state their wishes. This legal document is also related to the healthcare services one may seek regarding their natural health for a speedy recovery and medical care.
- A letter of administration is a legal document that confirms an administrator's authority to manage a deceased person's assets without a will. This document is usually issued by the probate court when a person passes away without writing their will.
Consequences of dying without a will
Most people tend to disregard things about their will due to various reasons. For instance, some of them think that their assets and riches will be given to their loved ones automatically after their death.
However, it's important to know that it won't be possible and their family may even struggle with probate processes. Typically, the successors of an individual's assets may be determined by the probate courts, including the distribution of assets.
In such aspects, it's crucial to create a will as early as possible. So, when an unexpected thing happens, one won't have to worry about leaving their loved ones with nothing to depend on.
Certain situations could arise if one passes away without a coherent will, which may include the following:
Lack of control over their assets
One of the most common consequences of dying without a will is the lack of control over how one's properties, estates, and financial assets would be handled by the probate court.
It's because the authority over their assets would be primarily handled by the legal courts, and only they can decide who's suitable to be the deceased person's successor.
It's also safe to say that people who pass away without a will may lose the authority over their assets, and there's no assurance that their interests would be carried out accordingly upon their demise.
When someone dies without a will the probate court is most likely to assign an administrator who'll take over the management of their properties and financial assets in the meantime.
Following these events, anyone in their family or any of their loved ones may inherit their properties, even those they didn't approve of initially. In some cases, inheritance rights could even override the arrangements made on one's will, as long as they prove their eligibility to succeed your assets.
Under the inheritance law, all surviving inheritors could be considered potential candidates to their properties until the administrator and the probate court identify the rightful heirs. If any of these can happen even with the presence of a will, what more if there's no will created in the first place.
Increased risks of family disputes
Issues regarding inheritance, lawsuits, and family disputes are some of the most prominent factors that could affect the length of probate processes regarding one's assets and properties. These problems could also determine the length of probate processes and could hamper the smooth transfer of properties to rightful successors.
When someone dies without a will, their financial assets, estates, and properties are most likely to be managed by an administrator approved by the probate court. Their family and loved ones may also have conflicting claims on the deceased person's assets, especially if they have complicated relationships.
Also, one must not disregard the possibilities of squabbles among family members, which could trigger some long-term family disputes.
Loved ones may suffer from lengthy probate processes
While some people may think that having their will could prevent the lengthy processes of probate, it's crucial to know that one's loved ones would still have to undergo some legal proceedings regarding their estates and properties.
With or without a will, one's assets may still be put under the jurisdiction of probate courts, especially when it comes to determining the rightful heirs to the properties.
One of the many good things about having a will is preventing the risks of lengthy probate processes, which could usually take up to 24 months after one's demise. In some cases, probate processes may take up to several years or even decades, especially when problems regarding family disputes, lawsuits, or inheritance issues arise.
Also, the difference between having a will and not is that one could choose a reliable person who can manage their assets upon creating a will. In this case, your loved ones could select a trustworthy administrator who can temporarily take over the responsibility for their estates until the probate processes are done.
Disruption in charity support
For some people, creating a will is mainly due to their determination to secure the future and welfare of their loved ones. It could also be due to one's wish to see that the fruit of their hard work for years will be put in good hands.
However, there are instances where people opt to share their wealth to charities and humanitarian deeds. While these events aren't considered rare, only a relatively small number of people may go for this alternative.
When someone who has no direct successor dies without a will, chances are their previous charitable commitments and financial assistance toward non-profit organisations may be put to stop. This is because the probate court will be the one to decide on the succession of their assets. Without a will, one might not be able to safeguard their legacy to other people, unless granted by the probate court.
Legal Processes Can Be Costly
Generally, processes regarding inheritance and asset management could take months, years, or even decades, when conflicts arise. Within these periods, it could cost a person a hefty amount of money to process their deceased loved one's assets and estates. Aside from having to deal with lengthy probate processes, legal proceedings could also be financially straining and costly.
In a way, it'd be better to process your will now to avoid making your loved ones worry about these potential issues.
Reasons To Create A Will Now
Creating and writing your will earlier could be beneficial to your loved ones in many ways. Aside from you, they're the ones that could mostly suffer from the consequences if you die without having a will.
Aside from lessening the possibilities of family disputes, here are some of the advantages of writing your will now:
- Writing your will at an earlier time allows you to decide on crucial matters and settlements regarding your financial assets, properties, and estates. You can also pick a trustworthy person who can act as your will's executor when you pass away.
- You can indicate the list of people who can be the beneficiaries of your assets and properties. You can also protect your properties and assets and avoid handing them over to the wrong people.
- By creating a will, you're loved ones won't have to deal with lengthy probate processes upon your death, which could be time-consuming and costly on their part.
Bottom Line
It is essential to not pass on an opportunity to secure your loved ones' welfare and future. Particularly, it's important to consider writing your will now, as this could cause many problems for your family in the future.
As a rule of thumb, it's best to consult a lawyer regarding writing a will to ensure the protection of your loved ones and give them the right to your assets. It's also best to always plan ahead of time to avoid putting your loved ones in a difficult situation upon your death.
