Thinking about death and what happens to your assets afterward is uncomfortable for most people. It’s no surprise that many delay creating wills and other important estate planning documents. But the benefits of having a will far outweigh the discomfort of planning ahead.
According to a 2021 Gallup poll, only 46% of U.S. adults have a will—a slight increase from 44% in 2016. Still, more than half of adults have not taken this crucial step. Interestingly, older adults are much more likely to have a will. Among those over 65, 76% reported having one.
Dying Without a Will: What Happens?
Dying without a will—called intestate—means the state probate court will appoint an administrator to manage your estate and, if applicable, choose a guardian for your minor children. However, the court’s decisions may not reflect your personal wishes.
This situation can lead to unnecessary stress, conflict, and delays for your loved ones. Without a will, the administrator must interpret your intentions and seek court approval, adding complexity to an already emotional time.
Administrator’s Key Responsibilities
- Identify and notify all living heirs of your passing
- Publish death notices to allow creditors to submit claims
- Inventory all assets within your estate
- Settle debts and taxes owed
- Collect any money owed to the estate
- Distribute remaining assets to beneficiaries approved by the probate judge
To prevent disputes and confusion, it’s essential to draft and legally execute a valid will. Your will should clearly outline:
- How you want your assets distributed
- Who should be guardian of any minor children
- Funeral arrangements and wishes for your remains
Benefits of Having a Will
Having a will in place offers numerous advantages. A valid will makes the estate process smoother for your survivors. It allows you to:
- Clearly state how your assets should be distributed
- Appoint an executor you trust to manage your estate
- Choose a guardian for your children
- Minimize family conflict and legal challenges
- Reduce court involvement in decision-making
The will acts as a roadmap for your executor and offers peace of mind for your loved ones during a difficult time.
What Happens to a Will During Probate?
Even with a will, your estate typically goes through probate. The executor files the will with the probate court, which verifies its authenticity. Once validated, the executor is appointed to manage your estate according to your instructions.
How to Avoid Probate
Probate serves an important role by ensuring debts and taxes are paid and assets are fairly distributed. However, it can be:
- Time-consuming and costly
- Publicly accessible
- Susceptible to legal challenges
Many people use trusts to avoid probate. Trusts can help your estate settle more privately and efficiently, with fewer legal delays or disputes
Contact Our Offices
We hope you found this guide helpful. If you need assistance with preparing a will or have questions about estate planning, please contact us or call 501-834-2070. We have offices conveniently located in Sherwood, Searcy, Little Rock, and Benton.