The Cost of Not Having a Will

September 25, 2014

by Michelle Perry Higgins

Start Shopping for Long-Term-Care Insurance at 45The biggest mistake that many people make is not having a will in the first place. A 2011 survey shows that 44% have a will. There are two problems with not having a will: First, your estate will be subject to disposition according to state law, which may not be consistent with your wishes, and second, the lack of a will may result in disputes among loved ones. I have seen too many families torn apart by fights over the deceased’s estate where there was no will or the will was outdated.

If you have a will, make sure to update it periodically as social or financial situations change through your life or within your family. Many people believe that making a will is expensive. The expense of making a will, however, is small compared to the financial and personal costs incurred by family members fighting over the estate you leave behind.