If you choose not to handle your estate planning affairs, then, to put it bluntly, you don’t care enough about important planning issues and your family. Take a look at the following information, to see how you and your family will be unprepared without a strong estate plan. If you have any questions, or if you’d like to begin your estate planning, contact an estate planning attorney.
People only do estate planning if they care about someone. If you don’t do estate planning…
You don’t care about probate. Without a plan in place, you won’t mind if your assets are subject to the probate process. This will take up extra time and money, and will make your affairs public.
You don’t care who cares for your child. If you choose not to create a will, you have no say in naming a guardian for your child. This means that anyone could be selected to provide love and care after your death.
You agree with your state’s intestacy laws. Without a will, your assets will be distributed by your state’s property distribution laws. You agree not to have a say in who will inherit your property.
You don’t want to protect yourself during incapacity. If you choose not to plan, you agree not to have a say in who assists with your medical and financial needs during a medical emergency or other incapacity.
You don’t care about protecting your family’s future. If you decide not to use estate planning techniques such as purchasing life insurance and creating asset protection trusts, you’re showing that you don’t want to protect your family’s financial future.
You don’t care about the costs of estate taxes and probate fees. Without a plan in place, you agree to high estate tax costs and probate fees.
Saying you don’t care is a blunt statement; we know that you care, but need to emphasize the importance of planning. If you have any additional questions about the need for estate planning, consult with a qualified estate planning attorney.
- Preparing for Unexpected Incapacity - April 30, 2021
- Beneficiary Designations and the SECURE Act: Eligible Designated Beneficiaries - April 24, 2021
- “Last Will and Testament” Origin - April 22, 2021
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