If you pass away without a Will, there can be significant consequences that you never expected. In some cases, siblings become so divided over who will be the Administrator of your estate, what each is entitled to inherit and how the distributions are to be made, that once close-knit familes become fractured for many years.
Some examples of what may cause division include:
- Sale of assets, such as your home, rather than distribution of the home to one and the bank accounts to another.
- Which beneficiary is to receive certain items, such as a favorite car or collection.
- How much each should receive as some received gifts during your lifetime while others did not.
In the worst of scenarios, there may be a long lost child that even the decedent is unaware or who was intentionally estranged by the mother, that will show up seeking to have a DNA test and, if it is positive, will have inheritance rights equal to any of the children the decedent actually raised, rights against a spouse and rights greater than the decedent’s own children.
In other cases, an individual may qualify as the Administrator of your estate who will steal from the estate before it can be rightfully distributed to your heirs under the laws of intestacy, which define how your estate is distriuted when there is no Will. This does actually happen and, although the person who breaches their fiduciary duty and makes inappropriate distribution may be held accountable, if they do not have the funds or specific items to resore to the estate, your relatives who will inherit under the laws of intestacy will not receive the assets to which they were entitled.
By simply creating a Will, you can avoid all of these potential consequences and know that your estate will be handled by the person you belive best suited to collect the assets and distribute them properly and will be distributed in the form you wish to those you want to benefit.
Good Intentions Are Not Enough
Although you believe that your family will divide your assets fairly amongst themselves if you do not have a Will, failing to have the simple insurance of a Will may provide a very different result. Take action now to ensure that the assets you worked so hard to acquire end up on the right hands. At The Darling Law Firm, LLC our attorneys are experienced in simple and complex Wills and estates and will give you the peace of mind you need that your intended beneficiaries will receive the gifts you wish them to have.
Contact us today at 973-584-6200 or click here to e-mail us today to ensure your assets are distributed properly.