Highlighting the Problems with Wills

There is a high probability that you won’t have a will before dying. Many Americans lack one. A study showed that more than half of the American adult population has no last will.

“Last wills and testaments describe how an individual wants their property shared after death. It also details other wishes that the person may want to convey. Interestingly, American adults either use another form of estate planning instead of wills or draft their wills very late in their lifetime,” says estate planning attorney Ana Veliz of Veliz & Associates P.A., an Estate & Legacy Planning Firm.

Studies also point out that many people neglect to draft a will before death, so they do not have heirs to their property.

This article will highlight the importance of drafting wills and its associated problems.

What Happens if You Die Without a Will?

Not having a will can have devastating consequences. It means the state decides who gets what. This process might leave your loved ones out of the equation.

Every U.S. state has its own laws about dying without a will. These are called intestate succession laws. They create a hierarchical structure for estate succession.

It’s based on old laws that assume a traditional family structure.

Here’s how it usually works:

• If you’re married, your spouse inherits most or all
• If not married but have kids, they inherit
• If you don’t have a spouse or kids, it is transferred to your parents
• If no parents, your siblings

Unmarried partners and non-biological children usually get nothing unless named in a will.

The Problem with Intestate Succession Law

One problem with the laws is that they are ancient. Legislators made this law during the mid-20th century based on the heir choice of a typical American family, which was unclear at that time. 

However, this is inadequate today. Family dynamics have changed over the years. People now have children out of marriage; some have partners they love but stay unmarried, and others have children they love but are not biologically theirs.

When a person falls into any of these categories and is without a will, their loved ones tend to get left out. Due to these limitations, there are different ways to choose who gets your property.

Alternative Ways of Designating a Heir

You can name someone as the beneficiary of your bank account, which means they get the money after you die. This doesn’t replace a will, but it helps ensure your money belongs to the right person.

Further, many states allow you to request a transfer-on-death deed. This allows you to transfer your house to an inheritor without a will. 

However, wills still hold supreme importance. They are the most effective way to transfer an estate and appoint guardians for minor children.

Why Many People Don’t Write Wills?

Some people think they don’t need a will because they don’t own much. Others don’t want to think about death. Cost is another issue. Writing a will with a lawyer can be expensive.

Studies show that people with low incomes are less likely to have wills. So are black Americans. But even if the property isn’t worth much, it may have sentimental value.

Wealthy people are more likely to have wills. They tend to have lawyers and know what’s at stake. It’s easier and more urgent for them. 

How This Affects Modern Families

Cohabiting couples are more common now. In fact, the number has tripled in the last 20 years. But most states don’t treat them like married couples. New Hampshire is an exception.

In New Hampshire, two people who have lived together for more than three years and regard themselves as husband and wife and are regarded as such by others can register to receive inheritance rights upon their partner’s death.

Some states acknowledge domestic partner inheritance rights. However, they can only receive partial inheritance. The problem is more complex for non-biological children.

Non-biological children who are not officially adopted may have to face a strenuous, lengthy, and expensive process to get inheritance rights. Generally, step-children and foster children are completely excluded.

And with remarriage, things get complicated. Say a woman remarries and dies without a will. Most of her estate passes to her new spouse. Her kids may get little. If the surviving spouse later dies without a will, those kids might be excluded completely.

Final Words

The law needs to become more accessible. Some scholars have suggested that a will be included in everyone’s state income tax returns to make it more accessible.

Four US states have allowed the use of digital wills. And many states now accept handwritten documents that count as wills. You do not need a lawyer or witnesses to create a homemade handwritten will.

It also does not require the strict rules attached to creating a legally binding will. This makes it easier for working—and middle-class people who consider wills too expensive.

One of the most effective ways for states to review their intestate laws is to broadly define the concept of partners and couples.