Estate planning is an important process that many people avoid. The idea of discussing what happens to personal property and family members after someone dies is unpleasant to most people. However, such discussions are crucial for the protection of those left behind and the legacy of the person who dies.
Many people never get around to establishing an estate plan. They may not have a will or any other documents to guide estate administration after their deaths. People who understand what happens in cases where individuals die without estate plans may be more motivated to create an estate plan for themselves.
State law dictates asset distribution
One of the reasons people justify procrastination about estate planning is that they assume their loved ones can simply inherit from their estates as heirs rather than beneficiaries. Heirs have a right to inherit certain property if someone dies without a will. People who draft wills or create trusts can select their own beneficiaries.
Otherwise, Pennsylvania intestate succession laws determine who inherits from the estate. Spouses and children have the strongest right of inheritance under intestate succession rules.
However, parents, siblings and other family members can inherit in cases where people do not have surviving spouses or progeny. For those with complex family circumstances or non-spousal romantic partners, intestate succession laws may not uphold their wishes or work well for their families.
Disputes are common in intestate probate cases
Any estate has the potential to damage family relationships. In cases where the deceased individual did not leave a will or other estate planning documents, that risk is higher than usual.
Many people may have unfounded and unrealistic expectations about what they should inherit. They may argue over who should hold a role of authority during estate administration or how to value and divide the property of the decedent. Those who take the time to establish estate plans can protect their loved ones from damaging their relationships with each other out of greed or greed.
Taking the time to create an estate plan can help give an adult control over their legacy. Those who establish estate plans may also reduce the stress and conflict their loved ones endure after their passing.