The chances that you may pass away without having a will in place are extremely high. Although more people have reported awareness around estate planning as a result of the pandemic, plenty of people still have not taken the right action step to protect their interests in moving forward with estate planning.
You may be putting off estate planning for any number of reasons, but this can have significant consequences for your family. The stakes can be very high because you may relinquish control of your final wishes to other people who you do not trust. Every state has laws that automatically designate your heirs. These are known as intestate succession laws.
While the laws may have different applications based on the locality in question, they pass the authority for decision-making over your assets to the state. This means that any specific wishes you may have will not be followed. This can include bequests that you intended to make to a certain member of your family, or may have made verbal commitments about. Your loved ones may also be more likely to argue with one another and experience additional conflict because you failed to carry out estate planning. Another common issue associated with not having a will is that your loved ones are unable to find or understand all of your assets.
If you worked for yourself, it can be difficult for them to file your final income tax return. If they do not know where to locate deeds and other important documents, it may be difficult for them to know what to do with this material and whether or not it belongs in probate. In all of these circumstances, you’re passing off the responsibility for important estate planning decisions to other people. If you wish to have some level of control over the future of your estate, you need to consult with a dedicated and experienced lawyer in Virginia Beach.