No matter where you live, dying without a will is going to lead to a costly, stressful and expensive experience for loved ones. It will also make distributing assets more complicated than necessary. A recent article from the Daily Journal, “Intestate succession: The risks and complications of dying without a will,” makes a strong case for having an estate plan, including a will, prepared by an experienced estate planning attorney.
When there is no will, assets must be submitted to a probate court to be probated, including transferring legal title to property from the decedent to heirs. Most probate proceedings take at least 9 months and, in some cases, can extend to several years. There are attorney and administrative fees based on the gross value of the assets plus taxable gains on sales and receipts.
What is a very rough estimate of costs for an estate with a total value of $1 million when there is no will? In Arkansas, we use a statutory sliding scale for estate administration without a will. A total cost of $30,000 is not unusual. Add costs like maintaining a property, paying a mortgage and other expenses; you can see why having a will is better.
Another reason to have a will: the delays of probate can make it difficult for the estate to pay expenses. If the personal representative (executor) needs to pay bills but the estate account is not funded, even more complexities and costs will occur.
Laws vary from state to state over who receives the estate assets when there is no will. In Arkansas, without a will, the court determines how much each heir receives. The court follows the state statute regarding intestacy regarding probate without a will.
In most states, the distribution of assets is governed by kinship. If there is no surviving spouse, the estate may pass equally to children or their children. However, the court may need to search for blood relatives without children or grandchildren. If you have no children but have relatives you haven’t spoken to for years and no will, they may become your heirs.
The simplest way to prevent a nightmare for your loved ones is to consult an experienced estate planning attorney and create an estate plan, including a Will, Power of Attorney and Healthcare Proxy.
A will is used to name a guardian for minor children, an executor to administer the estate and set the terms for the distribution of property. Without a will, the court makes these decisions, including who will raise minor children and where they will live. A court-appointed guardian will not be the same as a beloved family member, altering the course of children’s lives. For parents of young children, this should motivate an appointment with an estate planning attorney.
Estate planning also includes a detailed check on the ownership status of accounts for the option to name a designated beneficiary. Insurance policies, investment accounts, pensions and bank accounts will likely allow a beneficiary to be named. These assets will go directly to designated people, no matter what your will says or if, despite reading this article, you decline to have a will created.
Whatever your situation and wherever you live, you’ll want a will created to leave a legacy of caring for your loved ones.
Reference: Daily Journal (May 5, 2025) “Intestate succession: The risks and complications of dying without a will”