There are four common situations that can emerge if you do not take the necessary steps in order to plan your estate. While most people understand that they don’t need to have a life insurance policy in place to replace their income in the event that they pass away, your will is also crucial for determining that your property is distributed appropriately. Some of the most challenging issues frequently associated with not having a will include:
- Spendthrift heirs or situations in which the children receive a large gift in the form of a sum of money. People who are not equipped to handle this all at once can manage it ineffectively.
- Contested or unexpected heirs. Confusion about actual beneficiaries due to a lack of a will could lead to expensive legal disputes and arguments.
- Fabricated wills. Someone could attempt to create a fake will, particularly if your individual estate is large.
- A court executor that is not liked by the beneficiaries. When no will has been established, the probate courts are responsible for appointing an executor. Beneficiaries may be frustrated with the approach of the executor as well as the time it can take to inventory things. Family members may be more motivated to do an effective and efficient job as executors.
Putting together a will now with the help of an experienced estate planning lawyer in Valdosta can help you avoid these problems.