It is human nature to procrastinate when handling unpleasant tasks. People put off housework and job responsibilities that they find unsavory. They may also delay taking necessary actions in their personal lives. The process of estate planning involves multiple uncomfortable matters. People find the prospect of planning for their death or emergency medical scenarios as unpleasant as it is necessary for their long-term stability. Unfortunately, many people procrastinate about estate planning for too long and experience an emergency or die without a will or other documents in place.
What is the main issue with a failure to establish an estate plan?
People without plans give up control over their estates
The failure to create a will or other estate planning documents leaves an individual’s estate under the control of North Carolina probate law. Intestate succession rules apply in scenarios where an individual did not establish an estate plan or in scenarios where family members successfully challenge a will or other estate planning documents in probate court.
Intestate succession laws specifically focus on the rights of close family members who become heirs when someone dies. The spouse of the decedent often has protected inheritance rights. The same may be true of their children. Spouses and children often need to share the assets in an estate.
If someone dies without either children or a spouse, then other family members might inherit from their estate. Parents, siblings and other family members can receive the assets included in an individual’s estate when the decedent does not have a spouse or any progeny.
Given that many people have close relationships with people they do not marry and other wishes for their legacies, such as leaving money to charity, intestate rules may undermine their wishes. Allowing intestate succession laws to determine what happens with property is often not the best solution.
Family members may fight over the estate
Family disputes are a risk in any estate administration scenario. People sometimes disagree about the validity of a will or the intentions of the decedent. A spouse may end up fighting with the children of the decedent if they are a stepparent. Siblings may even end up fighting so bitterly that they do permanent damage to their relationships.
Proactive estate planning is the most effective way of avoiding those challenges. An estate plan allows someone to choose who inherits from their estate and limits the possibility of damaging family conflict. Drafting estate planning documents can give a testator peace of mind while simultaneously helping to ensure they leave a meaningful legacy after their death. While procrastination about estate planning is normal, overcoming the impulse to delay the process can prove beneficial for everyone in a family.
