What Happens If You Die Without an Estate Plan?
The death of a loved one is an emotional and sensitive time for family members. It is also difficult because many tasks must be completed such as planning a funeral or dealing with financial matters. This time is more stressful when a family has not established a proper estate plan.
Hymanson Law is a trusted law firm of New Jersey and New York that focuses on estate planning, trust/estate administration and litigation, and more. With over 25 years of experience, we have seen our share of difficult situations when families have not planned properly. This is why we believe everyone should be prepared with an estate plan. Without an estate plan, your loved ones will be left vulnerable because your estate will be controlled by the State through the intestate statute and not as you desire.
Having a will gives you the control to determine:
- How final bills are settled
- Gives sole discretion regarding whom assets are allocated to, and how those assets are distributed
- Directs how estate costs and taxes will be paid
- Who will be the executor to oversee the process
When these four aspects are left unplanned, problems will occur such as disputes amongst family members as to which assets they will receive, or who will be appointed to oversee the administration of a deceased person’s estate.
Regardless of what some people may say, estate planning is for everyone and the best time to plan is now. At Hymanson Law, we understand estate planning is needed to ensure your beneficiaries are taken care of so that you can live with peace of mind. If you need help at any stage of the estate planning process please feel free to contact us.
