What Happens When You Don’t Have A Will?
If you leave no Will or your Will is declared invalid because it was improperly prepared or is not admissible to probate:
Asset distribution becomes a more complicated and expensive process. The Administrator must be chosen by all of the children, who must then all sign a Renunciation Affidavit in front of a notary. If all the children do not sign the Renunciation Affidavit in front of a notary, then a Complaint and Order will have to be filed in the Superior Court… A cost over $3,000. The preparation of a Will for under $400 eliminates these costs.
Additional expenses and extra work will be necessary to qualify for an Administrator-Surety Bond, with additional costs frequently exceeding $1,000 and additional legal fees.
It is state legislation that determines who receives assets, not you. People who dislike you or don't care about you can get your assets. Your grandkids or charities won't receive anything.
4. If you do not have a spouse or close relatives, the state may take your property. Most people prefer to give their money to charities or friends.
5. It frequently leads to family feuds and tension, as well as lawsuits.
6. A judge determines who gets custody of children or grandchildren. A greedy brother or crazy mother-in-law could ask the court for custody.
7. Without adequate planning, you lose the ability to lower state inheritance taxes and federal estate taxes.
This document is designed for general information only. The information presented on this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.
For more information on this and other topics, please contact Kevin via any of the channels listed below: 📧kevin@kmckernan.com or 📞718-317-5007