You Must Have A Will - Disadvantages of Intestacy!

  Disadvantages of Intestacy? 

1- The biggest and most obvious disadvantage of dying without a will is loss of control pertaining to estate asset distribution. The decedent’s assets are distributed according to the Intestacy Succession Laws, and therefore may be misaligned with his or hers intended wishes.  

2- Tax inefficiencies may result if all assets are included in the decedent’s estate. Intestacy proceedings do not exclude assets from the taxable estate. 

3- The likelihood that assets may escheat (the reversion of property) to the state is more likely if no beneficiaries are designated.   A written will may allow for the inclusion of charities, friends, or business associates as recipients of assets before the state.  

4- The percentage of assets passing to the surviving spouse and children are predetermined by succession rules. 

5- The court may select its own fiduciaries, such as administrator and guardian. The administrator may be required to post a bond (may be waived with a will) adding to the overall expense of estate settlement.