Many people may not realize the importance of having an estate plan in place, but the risks and consequences of not having one in place can be significant. Not having an estate plan may send a message to your family you did not love them enough to make it easier for them to settle your estate without them incurring great expense, hassle and the tensions it can cause for your family after you are gone. Without an estate plan, you are unable to control how your assets and property are distributed after you pass away, leaving the decisions to the government or a court system.
Additionally, without an estate plan, you are unable to protect your family from the emotional and financial burdens that can come with the death of a loved one. An estate plan helps to ensure that your wishes are followed and that your family is taken care of, both now and in the future. Here are 10 potential risks or consequences you may face as a result of NOT having an estate plan in place:
- Your assets may not be distributed according to your wishes.
- Your loved ones may have to go through probate court, which can be time-consuming and expensive.
- Your loved ones may have to pay inheritance taxes on your assets.
- If you have minor children, there may be no legal guardian appointed for them.
- Your business interests may not be protected or managed properly.
- Your debts may not be paid off in a timely manner.
- Your loved ones may have to make difficult end-of-life decisions without your guidance.
- Your loved ones may experience financial hardship as a result of your passing.
- Your loved ones may have to make legal claims on your estate, which can be costly and time-consuming.
- Your loved ones may have to sell assets in order to pay for your funeral and other expenses.
Ultimately, not having an estate plan can lead to a great deal of confusion, stress and loss for your loved ones. Without an estate plan, the state will determine how your assets are distributed, leaving your family without the security of knowing your wishes were respected. Additionally, without an estate plan, your family may be on the hook for costly probate fees and taxes, leaving them with less inheritance than you may have intended. Taking the time to create an estate plan now will provide your family with peace of mind and the assurance that your wishes will be respected.
Don’t risk unnecessary pains associated with being either poorly prepared or completely unprepared. We can help add to the peace of mind that’s worth the time. Contact us now to schedule your free estate planning consultation by either calling 866-566-9529 or by using our booking form below. Appointments are available by phone, in-office, or by virtual appointment online. Your choice; you’ll be glad you did.