The Negative Aspects of Dying Intestate

Ideally, a person should create a will prior to passing away. This provides greater control over where assets go and who is to oversee their transfer. With a set plan in place, it can reduce the chances that family members fight over who gets a certain item or who is entitled to an individual’s money. What are some of the other drawbacks of not having a will?

The State Assigns an Executor

You may have wanted your brother, mother or best friend to act as your executive. Alternatively, you may have wanted a law firm to represent your estate after you pass. With a will, it is possible to determine who your executor is. Without a will, the state may appoint someone to fill that role or allow surviving family members the chance to do so. However, making such a decision could cause tension among relatives, cost money and delay the settling of your estate.

Your Estate Pays the Full Tax Rate

The federal tax on estates is 40 percent on any amount over $11.18 million. That figure doubles to $22.36 million for married couples who choose to combine their exemptions. In addition to federal estate taxes, it may be necessary to pay state estate taxes as well. This is on top of any income tax that you might owe at the time of your death. That is on top of legal fees that must be paid to settle the estate.

An Attorney Can Explain the Probate Process Further

A probate attorney in Las Vegas can help you learn more about the process of settling an estate when an individual dies without a will. Furthermore, an attorney may help you to create a will, trust or other estate plan documents to avoid dying without a coherent estate plan. These plan documents may also allow an estate to be settled without any details being made public.