We hear on the news, every day, the term existential threat to our daily lives. So, what exactly is existentialism? It is a belief that focuses on our individual freedom, choice, and personal responsibility. It suggests that our life shouldn’t hinge upon decisions by others but rather each of us should have the ability to create our own purpose and values through our actions and decisions. In other words, we should be able to choose our own destiny. Isn’t that exactly what writing a Last Will is all about, making your own decision about how you want to pass the family fortune to your beneficiaries and heirs without any outside obstacles? Unfortunately, it is not.
Approximately 90% of Americans accumulate some assets and achieve a positive net worth during their lifetime, with 80% of them eventually owning a home, a bank account, and a car. However, less than a third create a will or trust, meaning that two-thirds of those with assets will face the risk of probate court after their death. This is not the legacy anyone wants to leave their children or beneficiaries.
Imagine a married couple, Alex and Kathy, who have spent their lives meticulously planning and building a legacy for their children, believing this will give their life meaning and ensure their loved ones' future well-being. Upon their passing, their Last Will stipulates that their estate should be equally divided among their children to support their dreams and aspirations. Sadly, no one explained to Alex and Kathy that unless all of their assets were placed into transfer-on-death or payable-on-death accounts, their children and beneficiaries must face the existential threat of probate court. But what is probate?
Probate highlights the struggle between personal intentions and the impersonal, often arbitrary nature of legal processes, underscoring the broader human conflict between seeking meaning and facing an indifferent world. Following is how existentialism relates to probate:
Individual Freedom vs. Systemic Constraints: An individual spends their life making choices and creating a legacy, hoping to pass on their values and assets to loved ones. Probate, however, is a rigid legal process that can disregard personal wishes due to technicalities, disputes, or bureaucratic delays.
Search for Meaning: Existentialism stresses the importance of personal meaning and authenticity. A person’s last will is a collection and expression of their values and desires. When probate complicates or delays the fulfillment of these wishes, it can feel as though the individual's search for meaning is thwarted by an uncaring system of courts and attorneys.
Absurdity and Uncertainty: Existentialists often speak of the absurdity of life, where human efforts to find order and purpose clash with a chaotic and indifferent world. Probate is much like Jabberwocky, a poem written by Lewis Carrol in novel “Alice’s Adventures in Wonderland” meaning nonsensical.
It tells the story of a young boy who is warned by his father about the dangerous Jabberwock, a fearsome creature. The boy eventually slays the Jabberwock and returns home as a hero. Probate, much like Jabberwocky. It can seem absurd when clear intentions are bogged down by complex legal hurdles, illustrating the unpredictable nature of life and death.
Impact on Survivors: For the deceased's loved ones, probate can be a time of existential questioning. As they navigate legal battles and financial challenges, they may grapple with feelings of powerlessness and frustration, questioning the fairness and purpose of the probate process.
Family Unity and Identity: An inheritance often represents more than just money; it can symbolize a legacy, family history, and shared values. When the inheritance is lost due to probate issues, legal disputes, or other complications, it can lead to deep rifts and conflicts within the family. The resulting discord can threaten the family’s cohesion and sense of unity, challenging their collective identity.
Emotional and Psychological Impact: The loss of an inheritance can creates feelings of betrayal, resentment, and grief, exacerbating the emotional toll of losing a loved one. This emotional strain can threaten the mental well-being of family members, impacting their relationships and overall quality of life.
Future Opportunities: For many families, an inheritance is seen as a means to secure future opportunities, such as higher education, home ownership, or starting a business. Losing this financial support can significantly alter the trajectory of family members' lives, limiting their potential and aspirations.
Existential Crisis: On a deeper level, the loss of an inheritance can trigger an existential crisis, where family members question their purpose, values, and the fairness of life. This can lead to a profound sense of disillusionment and helplessness.
In summary, an existential threat in the context of a family losing an inheritance is not just about the financial loss, but also about the profound and far-reaching impact on the family's stability, identity, emotional well-being, and future prospects. Don’t put your family through the existential threat and impact of probate, call Jackson Law PA today and schedule an estate planning consultation to discuss wills, trusts, probate avoidance and set your own destiny for your children and beneficiaries.