The Cost of Dying Intestate
You may think that dying intestate – that is, dying without having made a will – costs nothing. After all, isn’t it a will that you need to pay for, and therefore not having one must surely save money?
Although technically this is the case, the cost of writing a will is minuscule compared to the cost that will be left to your loved ones and friends if you don’t make one and die intestate. In fact, if you visit IWC Probate Services for advice, you may well discover that writing a will is not as expensive as you first thought.
But why is dying intestate an expense?
When some dies without writing a will, a solicitor will need to deal with the issue of probate. This can take a long time since the solicitor won’t be dealing with just one person’s estate but many, and will need to work on them on a first come, first served basis. They will also need to be paid for their time, which means that the estate will be reduced in order to satisfy the solicitor’s bill once probate is completed.
And it’s not just a financial cost either; emotionally, if you were to die intestate your friends and family would be much worse off. They would have to deal with the demands from your creditors, from utilities companies, from the bank, explaining time and again that their loved one has died. This will be painful every time they have to do it. Sometimes they will even need to pay out of their own pockets just to make the creditors take a step back. They might be able to recoup those costs, but then again, they might not.
The mortgage is probably the biggest issue that those left behind will need to deal with. Mortgage companies are very particular about who they talk to, and if anyone wants to change things after someone has died they will need to be an administrator for the estate (this will require a grant of administration so that someone living can act on the behalf of someone who has died). The problem is that without a will this can take a long time, and during that time there might be penalties incurred for late payment.
As you can see, writing a will is must less costly than leaving everything to chance.