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Case Study: When Mom Dies Without a Will
Only through a will and careful planning can you benefit the people and organizations you care about most in the exact manner you have intended. Here's an example of what happens when a will isn't created.
Define Your Wishes Through Your Will
Jan's eyes mist over as she thinks back over the past few years. Since her mother, Vera, passed away, she and her brother have been feuding over the estate. Vera had never created a will because she thought her two children, being best friends, would split everything fairly.
When Vera unexpectedly passed away, Jan and Doug were grief stricken. As they went through their mother's things, they began to fight about who should take home certain antiques and other valuable items.
Jan and Doug each petitioned to be executor of the estate. After several months, a neutral party was agreed upon as executor. Eventually the house and its contents were sold at an auction. Jan and Doug each got lawyers and argued for months about the estate's inventory, missing items and the financial accounting. The legal fees to Jan and Doug and to the estate have been considerable. Today, they still aren't speaking. They've lost their friendship and most of their inheritance.
This occurrence is not uncommon. You may have heard similar stories from people you know but, like Vera, think it would never happen to your family. But serious disagreements can arise over small matters. One of the most generous measures you can take is to understand the importance of a will and why you should have one.
Copyright © The Stelter Company, All rights reserved.
The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.
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