Losing a loved one is extremely tough. In most circumstances, it’s sudden and leaves a huge burden on loved ones. They’re not just dealing with extreme grief and loss, but in a lot of times, what comes next can divide families and cause even more pain. It’s called probate and it can tear your family apart.
As difficult as it is to lose someone, the situation gets worse after the funeral. Americans don’t prepare for their death. According to a CBS News poll, 60% of Americans don’t have a will, and those who do are usually in the older generation.
Only 22% of people between the ages of 18 and 49 are prepared. It’s easy to understand why. No one thinks they’ll go early. Accidents are rarely planned out, violent crime is unexpected, natural disasters can come suddenly. And illness can hit at any time.
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It’s scary to think about, but not having a plan in the event of our deaths can be even scarier, heart wrenching, and painful for our loved ones after we’re gone. If you have a lot of assets, money, and possessions, what happens next is a long, painful experience known as probate.
Legal issues, insurance, assets, money, and investments are sorted out. Who gets what? Yet, families have split and fought over material possessions left behind. That means it will require a court hearing to distribute all of these things legally. It’s not as simple as it sounds.
Dying Without a Will
Unfortunately, the court distributing assets and possessions isn’t an easy process because most people don’t have wills. If you did, then the judge can make a ruling based on that and carry out your wishes. It’s even easier with a living trust. Without either of those, an appointed administrator will then have to figure out the pieces.
And it’ll be a long, frustrating process. Not everything is divided up evenly. The more you have, the more difficult it gets. Still, there are several difficulties with probate we will discuss briefly.
#1: Time.
If time is of the essence, you’re out of luck. Sometimes parents are paying for college, kids live at home, or any number of circumstances that would require them have need of their inheritance as soon as possible. If you even have to consider mortgage and car payments, even if no one is using them. It’s not unusual for probate to go on for months…or even years.
#2: The Cost.
Probate can get quite expensive. If there’s a will or living trust, the process will be simpler and cost less time. Without those, the process can get quite lengthy. Of course, the longer the proceeding, the more expensive it can get.
#3: Family Fights.
Yes, families have literally destroying themselves after a family member dies. Usually they are the bedrock of the family who hold everything together. The bad part is, anyone can contest a will. But, if you want object A, and your aunt also wants it, she has a dispute and the case will rage on until all parties are satisfied.
Don’t allow the court to decide your estate. By writing a living trust, it will assure your prized possessions end up in the right place. Not only that, it’ll save them time and money down the road.
