If you die without a will or otherwise making an estate plan, you are said to die intestate. When you pass away and no plans have been made for the distribution of your assets, intestacy law will determine what is going to happen to all of the wealth acquired during the course of your lifetime. You may not want these default laws to determine what happens to everything you have worked so hard to achieve.
Sinclair Prosser Gasior can provide you with assistance understanding what happens if you die intestate or what will occur if someone you love has passed away without creating a last will and testament.
Our legal team can also assist you in taking the right steps to make your estate plan so you do not have to worry about dying intestate and causing all of the undesirable consequences that can go along with that state. Give us a call to find out more about how an Annapolis, MD estate planning lawyer can help you to ensure you do not die without making plans for your legacy.
Four Key Reasons You Don’t Want to Die Intestate
There are a lot of reasons why you should strongly consider making an estate plan so you do not die intestate. Four of the key reasons why you do not want to die intestate include the following:
- Your family could fight over assets: If you pass away without making your wishes known, intestacy law will determine who inherits. However, your family could end up fighting over everything from money to heirlooms. If you determine who inherits, you reduce the chances this fighting will happen.
- Your assets could go to people you wouldn’t have chosen: You only get to determine who inherits if you make a plan to transfer assets in a will or through other means. Otherwise, the law will determine which family members inherit. While intestacy law aim to give inheritances to close family, these laws won’t necessarily distribute your assets the way you would have wanted.
- Your assets may not be used in preferred ways: You have no control over what happens to your wealth if it transfers via intestacy law. For example, you may have wanted your money to be used to pay for a grandchild’s education or for the money to go to charity. You won’t get to have your wishes met if you don’t use trusts, wills, and other tools to ensure your assets are used as you see fit.
- You cannot protect your assets: If you have a large estate, estate tax may be assessed and wealth will be lost. Money could be lost during the probate process. You don’t want your hard-earned assets to be wasted just because you did not get around to making an estate plan to protect them.
There are also many other reasons why you want to avoid dying intestate by making a comprehensive estate plan. To find out more about the ways in which an experienced attorney can assist you in the planning process, you should reach out for legal help as soon as possible. Do not assume you have lots of time, as even younger people can experience an unexpected illness or injury, making it too late for them to make an estate plan.
What Should be Part of Your Estate Plan?
Your estate plan should be designed to protect your assets, provide for your family, and control your legacy. The attorneys at Sinclair Prosser Gasior can help you to decide which legal tools you should use. At a minimum, the creation of a last will and testament will give you the chance to determine who inherits. However, other tools like trusts can give you much more control, which is especially important if you are trying to reduce estate tax or if you have heirs or beneficiaries with unique needs, such as underaged or disabled heirs.
Sinclair Prosser Gasior will assist you in making a plan that is appropriate for your family situation, asset level, and life stage. We can also help you to keep your plan updated so it is a reflection of your current wishes.
Getting Help from An Annapolis
Do not let default intestacy law determine what happens to your wealth and family because you fail to make plans and you die intestate. Find out about the components of a comprehensive estate plan by downloading our free estate planning worksheet. You can also give us a call at 410-573-4818 or contact us online to speak with an Annapolis estate planning lawyer for personalized advice.