Many people think that their loved ones won’t need to do anything for them after they pass away, because they don’t own much or their assets are not complicated. Amanda Riedling is an estate planning (wills and trusts) and probate attorney. This month, she’s breaking down this myth and the dangers of not having a will. A will is much more than just telling the world who you want to inherit from you (though that is important, too). Every adult needs a will, whether they have a dime to their name or not. What if you were injured in a wreck but died before the case or settlement was finished? What if you are killed by a drunk truck driver with a large insurance policy covering them? In any of these scenarios, you could have zero dollars to your name during life, but you could potentially have significant money going into your estate after you die. If you don’t have a will specifying who gets what, then the law will make that determination for you. When making a will, you nominate an executor who will manage your estate and make important decisions that will affect your loved ones left behind. Outside of deciding who would receive funds from any personal injury cases, it is incredibly important that you choose an executor who will be in charge of handling any claims. When Probate Meets Personal Injury Why Do I Need a Will?
If you don’t nominate someone, any adult can ask to be the one managing your estate. This person doesn’t have to be related to you; they can be a total
stranger! If you don’t choose an executor, anyone can become the person to hire the personal injury lawyer, make decisions about what the settlement terms will be, and have control over when and how those funds are distributed to your next closest relatives. There is a small chance that nothing will need to be done when you pass away, but this is very rare. There is usually something to deal with: a bank account, a car, a home, taxes, funeral expenses, or final medical bills. In the case where your estate needs to sue someone for a personal injury or continue a case you already started, you need someone you know and trust to hire the right attorney and to handle the process. This is especially important if you have loved ones relying on an inheritance from you for their care, like minor children or elderly parents. When choosing an executor, find someone you know and trust to make decisions that will be best for them.
–Amanda Riedling
Amanda Riedling is a partner at Levine & Riedling, LLC in Marietta, Georgia, where she practices exclusively in the areas of probate, estate planning (wills and trusts), and adult guardianship.
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