Disclaimer: This article is for informational purposes and is in no
way meant as legal advice, nor should it substitute for the advice of
an attorney.
Admit it folks, mortality (especially your own) is not the most
pleasant topic of discussion for you. For most of you, life couldn’t be
sweeter right now. Whether you’re in your prime or approaching your
“golden years”, you no doubt have found a sense of security in the fact
that medical technology combined with this era of health-consciousness,
is keeping you healthier longer. The Center for Disease Control and
Prevention recently reported that by the year 2030 the number of older
Americans will have more than doubled to 70 million! The United States
is truly on the brink of a longevity revolution. Consequently, you
probably feel justified in putting off those matters that you perceive
as being morbid – such as Will preparation. After all, you are not are
planning to die tomorrow. And besides, only the aged and infirmed need
to be concerned about making Will preparation, right? Unfortunately,
this is not the case. In fact, this could not be farther from the
truth.
The fact is that it just makes good sense for any mature adult
to have a Will in place. A Will is simply a written legal document that
states how you want your property and assets dispersed, to whom they
are to be dispersed, and who you want to handle your affairs after your
death. A person who dies (the “decedent”) without a will is said to
have died "intestate". Some people mistakenly believe that only those
who have large estates with significant assets need a Will. But, the
truth is that whether you leave a large estate or a few assets and
personal items, it would be a wise choice for you to have a Will in
place stating your wishes. Here is why:
In most states, if you die without leaving a Will, the state
will decide who gets guardianship of your minor children. Also, the
state of your residence will appoint someone to act as administrator
over your estate. If it happens to be some family member who hadn’t
spoken to you in the last 10 years, it wouldn’t make any difference as
your wishes were not stated in a Will. And in the event you don’t leave
any living relatives, your property will be left to the state!
Here are some sobering facts regarding “intestate”
successions: If you die “intestate” in the state of Louisiana, leaving
a spouse, but no children, your spouse will get all of your community
property (generally, property acquired during your marriage). However,
if you are survived by siblings or by your parents, and if you had
property that was separate from your community property, then your
surviving spouse will not be entitled to your separate property. Your
surviving parents or siblings will get all of your separate property.
If you die intestate in the state of California, leaving no next of
kin, and if your spouse has predeceased you, but is survived by parents
or siblings, then your estate will pass to your spouse’s parents or
siblings.
Now, perhaps you have given verbal instructions to your loved ones,
relating how you want your assets and personal effects distributed when
you pass on. And of course, you are fully confident that your wishes
will be carried out without a hitch. Well, if you will reflect for a
moment, you will surely be able to recall more than one instance where
a close-knit and loving family was transformed into virtual enemies
over a few acres of land, a piece of jewelry, or some other material
item left by a deceased family member who died without leaving a Will.
This would surely have been avoided if the decedent had left a Will.
Finally, consider this: One of the last things your family might
remember about you is how your estate is settled. If you leave an
estate that is extremely difficult to administer because you failed to
leave an up-to-date Will, you may be indicating to your family that
they were not worth the trouble of planning ahead for their future. So
do yourself and your family a favor – go ahead and get your Will
prepared. You’ll probably live to be a hundred, but you’ll live with
the peace of knowing you have your affairs in order.
Research Sources: Louisiana Revised Statutes; Center for
Disease Control and Prevention website; and the California Probate
Code.
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