Some people justify their estate planning procrastination by pointing to intestate succession laws. There are state statutes that determine how the probate courts distribute property when an individual dies without a will.
In theory, intestate succession laws help protect the interests of the people closest to an individual who has died. These laws can provide people with comfort if they have not yet drafted a will or funded a trust. However, intestate succession laws often let down those left behind when someone dies.
Why the law can lead to disappointment
The concept of intestate succession statutes is a good one. By establishing state rules to protect those closest to an individual who dies, lawmakers limit the likelihood of people fighting in probate court and of the wrong people inheriting from an estate.
Unfortunately, the law lacks nuance. The focus on direct biological and legal relationships can leave out numerous people. The law prioritizes the rights of immediate family members. Surviving spouses and children are typically the main beneficiaries of an intestate estate. They inherit whatever someone has left in their name when they die.
If someone does not have children or a surviving spouse, then their parents, siblings or other close family members may inherit from the estate. The law provides a basic outline of who might have inheritance rights and the way the court should divide assets among those beneficiaries. The focus in such cases is that the economic value of assets rather than their emotional significance.
All beneficiaries may end up feeling disappointed with what they received from the estate because of how the courts and the personal representative interpret intestate succession rules. There are also many types of relationships that have no protection under intestate succession statutes.
Those who cohabitate with their romantic partners for years and have children with them may leave their partners nothing if they die without a will. Those who are estranged from their parents and unmarried may unintentionally end up leaving a large inheritance for their parents.
How a will can help
When an individual drafts a will, they can impose their own wishes on the estate instead of allowing statutes to determine what happens with their property. They can order an even split among their children but also indicate that certain assets should go to specific children because of the memories associated with those assets. They can choose to disinherit one child or leave uneven inheritances for different family members. They can provide resources for unmarried romantic partners, close friends and charitable causes.
Those with complex personal circumstances and high-value property may find that estate planning and the control it grants them is a better option than relying on intestate succession laws. Taking the time to draft a will and occasionally update it can allow people to determine what legacy they leave when they die.