What Happens If I Don't Have A Will
Or A Trust?At Disability: Your
spouse or a third party must petition the court to be appointed as your
conservator or guardian. Your conservator must obtain a bond, in most cases,
and must keep detailed records and reports for the court. The court controls
all of your finances and assets and must be petitioned for approval of all
expenses.
Fees: Your estate will pay all court costs and legal fees.
Privacy: None. Your cause becomes a public record.
At Death: The
court orders your assets marshaled, debts paid, and possessions distributed
according to the laws of intestacy, which may not provide the distribution
you wanted.
Fees: Your estate will pay all costs. Probate fees are often estimated at
5%-10% of the gross value of your estate. If you own a modest home, expect
these costs to exceed $10,000.
Time: Usually one to two years or more before heirs can inherit.
Your family will have no control over costs or delays.
Privacy: None. Intestacy proceedings are public and estate records are made
available to anyone for examination at the probate court. Your family becomes
exposed to unscrupulous solicitors and greedy heirs. Your family may also
be exposed to claims by persons who have no right to your estate, but who
will file a claim hoping for a quick settlement.
Flexibility: None. Your property is controlled and distributed by
the probate court. All decisions and financial transactions must be approved
by the court. Children will not receive their inheritance until they reach
the age of majority.