Most people mistakenly assume they don’t need to make a will because they don’t possess wealth. Some find it a negative thing. But if you reside in New York or elsewhere in the US, such beliefs can prove costly. If a person has not made any will in some American states, their assets (regardless of the value) can become subject to intestacy laws that govern the distribution of properties and powers. After you, your spouse gets all the estate if there are no kids and grandkids. In the other situation, the spouse receives half the money and the first USD $50,000 of the property (likely to vary from state to state). The remaining balance gets equally distributed among the descendants.
That’s why it’s worth considering making a will. It will ensure that your hard-earned money and assets go to the right people in your family. Without it, there will be a risk of facing a situation like lengthy probate. Your family will have to wait long to inherit what rightfully belongs to them. And in some cases, they may not even get what you left behind for them. Because it’s a legal process, you can look for qualified lawyers for wills for guidance.
What is probate?
The legal process is about the administration of a deceased person’s estate, claim resolution, and distribution of the assets to their rightful heirs. A judge may oversee this process, which can take months or even years to complete based on the estate’s size and complexity. The process will follow the person’s wishes if there is a will. However, if it doesn’t exist, the intestate succession laws will apply. It can consist of various steps, including:
- The executor of the estate gives a petition for probate with the court.
- The court issues a notice of probate to all the relevant parties.
- The executor gathers the estate’s assets, pays the deceased’s debts, and submits the inventory of the same to the court.
- The heirs of the estate become entitled to a share of the assets.
- The executor submits the final report to the court.
- The court reveals the decisions about the distribution of the assets to the heirs.
Sorting out what you’ll leave behind in your estate can be a complex yet essential part of planning. Putting in a bequest allows you to allocate specific assets or sums of money to particular beneficiaries, ensuring your intentions are clear and respected. This can simplify the probate process, giving loved ones a more streamlined path to manage and distribute assets according to your wishes.
A key point to note
The entire process can become complex and tiring, especially if there is a dispute among the beneficiaries. However, an experienced attorney can help them navigate the process successfully.
Hence, hiring a lawyer and making your will is best. You don’t want your property to get into a state of dispute and your family to fight over it when you are no more. You will try to make this process smooth and peaceful from your side. So don’t take any risk or avoid doing the necessary stuff. One decision can change the future of everyone in your family. They will not have to put up with another shock or struggle after coping with your demise already. And you don’t want them to have any difficulty even if you are not around them. Talk to a lawyer and do whatever is necessary.
