Differences, Pros And Cons – Forbes Advisor – Technologist

Estate laws are largely made at the state level, so there can be some slight differences in the rules.

However, the meaning of testate is the same everywhere in the country. As the website for Henry County, Virginia explains, “a person dies testate if they left a will. The will controls the assets, and its listed beneficiaries will be the ones who receive the decedent’s property.”

When you die testate, or with a will, you have control over your own legacy, and you determine who is going to inherit.

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There are significant benefits of dying with a will.

• You get to control who receives your assets. Instead of your state’s default rules dictating how property is divided, you are in control over what happens to all the property you’ve worked hard to acquire during your lifetime.
• You can take steps to protect your wealth and your heirs. When you make a will, you can use tools to provide more protection for your loved ones and your assets. For example, under the Uniform Transfer to Minors Act, you can make sure assets you leave to your child are properly managed without having to create a formal trust.
• You can reduce the risk of family conflict. By providing instructions on important issues raised by your death, such as who should serve as a guardian for minor children, you can reduce the chances of family fights.

The pros far outweigh any cons of dying testate. You should make a will and work with an estate planning attorney to identify any other legal tools that would benefit you.

There are very few cons of dying testate.

The biggest disadvantage is that you must have prepared a last will and testament in advance of your death while you are of sound mind. This means incurring costs and taking the time to think about your death, which isn’t always pleasant.

Another downside is that it can cost money to make a will. This is money you’ll need to spend during your lifetime. However, it can spare your loved ones a greater financial burden after you pass.

The downsides are small compared to the chance to control your legacy, so it’s a good idea to make a will.

Intestate means you die without a valid last will and testament. You do not get the opportunity to determine what happens to your property. Your state’s intestacy laws will determine that for you.

When you die intestate, state laws attempt to ensure that your property goes to your closest living relatives. Every state has laws regulating intestate succession and specifying which relatives inherit. For example, Pennsylvania has a chart showing intestate descent.

Generally, the distribution of assets will start with your spouse. Next comes your children, then parents, siblings, grandparents, aunts, uncles, cousins and so on. Most states follow a similar pattern, with the goal of ensuring that your closest living relatives receive your property if you haven’t provided other instructions.

Pros of Dying Intestate

There are very few pros of dying intestate. The only benefit is that you did not have to create a will. You don’t think about it or do any preparation yourself.

Cons of Dying Intestate

There are many disadvantages of dying intestate. Here are some downsides.

• You will not control who inherits your assets. Instead of you determining what happens to your money and property, your state’s default laws will determine what occurs. This could mean assets are distributed in a different way from the manner in which you prefer.
• You’ll increase the potential for conflict among family members. There are more likely to be fights among family members if you haven’t expressed your preferences. This can be especially true on issues such as child custody if you did not name a guardian for minor kids.
• There may be added costs you could have avoided. There may be more costs associated with probate proceedings or with the distribution and management of your assets than if you had made a last will and testament and worked with an estate planning lawyer to minimize expenses.

The key difference between dying testate vs. dying intestate is that when you die testate, you have made a will and your instructions control your legacy (as long as the will is valid). If you die intestate, you have not taken the opportunity to provide instructions, so the default rules that apply to everyone who dies intestate in your state apply to your situation.

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You should not choose to die intestate. You owe it to yourself and your loved ones to make a will, especially as this is a simple estate planning document that doesn’t cost a lot to create.

You can also use other estate planning tools such as revocable or irrevocable trusts or pay-on-death accounts. If you make a comprehensive estate plan and facilitate the transfer of assets outside probate through other means such as a trust, then making a will may not be as important. That’s because there will be few or no assets that go through probate.

Even in these situations, however, there may be assets you forgot to address in other ways, such as property you didn’t correctly transfer into your trust. Making a will with a remainder clause gives you the opportunity to specify what happens to everything you’ve left behind that you didn’t provide other, more specific instructions for.

An estate planning attorney can help you identify all of the tools that should be a part of your estate plan. Your attorney can also work with you to ensure your last will and testament is legally valid and addresses all of the relevant issues that will be raised by your death.

A will is a foundation of an estate plan for good reason. It provides a quick, simple way to provide instructions for who should inherit the money and property you have worked hard to earn over your lifetime.

Still want to learn more? Here are the answers to some frequently asked questions about dying testate versus intestate.

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