Elder Care Spotlight: What Happens To Our Assets If We Never Write A Will?...

Life has a way of creeping up on us, and all of the sudden we are old and in need of help and may not have a plan of action in place. We may decide if we want to be buried or cremated, or if we want a celebration of life or our ashes spread around the world. These kind of decisions take much less effort to decide and are fairly easy to pass along to those who can make sure they happen. What becomes more difficult is when we own property life a home, a car, artwork, jewelry, or other valuable "things", or have several accounts and areas where we have saved money or other forms of currency. We may have people we care for, specific people we want to leave our assets to, or certain ideas for how our property is shared between Loved ones. If there is nothing in formal writing left behind to ensure that these distributions are completed, then they may not happen at all. Every state has specific rules and regulations to be followed, and the best way to ensure that our wishes are carried out is to have them written, notarized, and filed with an attorney. Here is how the process works.

When we die without writing a valid will, then it is called dieing "instate". This means that state law will determine what happens to the property. There will be some kind of probate process that identifies the assets, pays the debts and taxes, and then distributes what is left according to the intestacy laws. The more the complex the estate may be, the more fees to pay, and the more delays in the process. Homes need proper legal documents as well. Trusts or joint ownership situations can help to make homes easier to deal with. Without the appropriate legal documents, it is very difficult to have our intentions carried out for us once we pass away. So what can we do to get our so called paperwork in order?

The first step to creating a will is to make a list of all of the bank accounts and investments we have. This includes retirement accounts, insurance policies, and information on the homes, cars, and other valuables that have their own paperwork. Next, get all of the other sources of income together as well as the monthly bills and debts to be paid off. Then it's important to include account names and passwords and other information needed to access important records. All of this can be put inside of one envelope and taken to an Estate Planning Attorney where a will or living trust, powers of attorney, and healthcare directives can be written out, notarized, and authenticated for legal use. Sometimes the elderly person has started to decline and their memory is not there to find all of these accounts and documents. In that case, they can check bank statements, tax returns, or their mail for clues. Online banking accounts, Social Security, pensions, credit reports, or a simple check on the unclaimed property database can offer clues to finding the missing accounts. Even though it can feel like more of a pain in the neck with the more accounts, investments, or real estate properties there are, it is also that more important that things are in order and organized to give to an attorney. Trusted family members or friends can really support Loved ones in getting this sometimes daunting task completed. Once it is done, the family can breathe a sigh of relief knowing that whatever their Loved one wanted will come true when they are gone. That peace of mind is priceless and a gift to our Loved ones who have vowed to help us. Take the time to get the paperwork in order, signed, and authenticated. It is worth it in the long run for all sides of the situation. Death is not a fun topic to discuss, and the more organized we are, the easier we can make it for the ones we Love the most.