When you pass away, your will hands out your earthly possessions to your heirs. If you leave this Earth without a will, it is not going to be good for anyone except those who intervene and take over your things. No will means that any and all of the following things could happen to your possessions.
Government Seizure of Assets
Money and investments left in accounts could be seized by the government, especially if you leave behind any unpaid debts. Whatever you managed to accumulate and save could be gone in a heartbeat, and your heirs would have no way to defend and protect what is taken. This, of course, is a worst case scenario, but certainly something to consider if you have not made a will yet.
Estate Liquidation Sales
Estate liquidation sales occur for two reasons. One, you have untold amounts of debt left behind for which your spouse cannot cover or for which the debt collectors have sued your heirs to get compensation. Two, your heirs opt to take everything left behind and everything left to them and sell it off to split the profits. Either way, these actions may be prevented (when they are unwanted) if there is a clause in your will that stipulates what can and cannot be sold off after your passing. (Estate liquidation sales may also occur while you are yet living as a means to settle your debts before you pass away and deter the sale of items you want your family to keep.)
Endless Legal Battles
Surviving spouses and heirs could spend years arguing out in court who is entitled to what. There may even be some family members that take things from your estate without others noticing and sell these items. Then the other members would pursue other lawsuits for assumed criminal activity. It could get really ugly. Help your family stay together and stay content and happy by creating a very specific will.
Estate Drained by Probate Fees
No will usually results in lengthy probate fees because your estate is then placed in the hands of a probate lawyer. On top of the probate lawyer's fees to sort out your estate post-mortem, your estate may have to be liquidated to pay the probate lawyer and finally get portions of your estate handed out to your surviving family members. When that finally does happen, the portions of your estate given to your spouse and/or heirs may not be anything close to what you had intended or hoped for. Prevent a majority of these issues with a solid will that has no loopholes whatsoever.Share
25 April 2017
When I was growing up, I remember my mother always scolding my dad for his shopping habits. I had no idea how much he had collected over the years until he recently passed away and I went into the attic of their home to clean it out. It was filled with so much stuff I just didn't know what to do with. I almost threw a lot of it out until my brother arrived and told me some things may be valuable. We ended up taking some antique furniture, a coin collection, and a few other items to be appraised and were very glad we didn't throw them out -- they were very valuable! I thought I would start a blog to share my experience and what I learned during the process of having many items appraised. I plan to post many tips, so come back soon!