Not taking the time to create an estate plan can have a negative impact on your future. Your true wishes may not be respected and you and your family may not be protected throughout your lifetime. Take a look at the following information, to better understand the importance of creating an estate plan. If you have any questions, or if you’d like to begin discussing your estate plan needs, contact an estate planning attorney.
If you choose not to plan, the following disasters may happen:
- You won’t have the medical and financial assistance that you need during medical emergencies.
- The court will appoint a guardian for your children on your behalf; it may be a stranger.
- Your assets may not be given to the “right” people.
- Your loved ones may not have enough assets to pay monthly bills after your death.
- Your beneficiaries’ assets may be taken from you during divorce, bankruptcy, the nursing home, or a lawsuit.
- Your loved ones may have to make difficult decisions on your behalf such as funeral planning and whether to remove life support.
- A loved one may abuse the assets that he or she is given, especially if they have a drinking, drug, or gambling addiction.
- A loved one with special needs may be disqualified from receiving public assistance because of an inheritance received from you.
Staying in control is important to most people; if you continue to put off your planning, you won’t be in control. This may mean that your affairs won’t be handled as you wish. Make sure that your wishes are known and legally documented, so that they’re fully respected.
Are you ready to have control over your future? If so, now is the time to plan. If you have any questions about how to begin creating your estate plan, consult with a qualified estate planning attorney.
- Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018