As far as I know, death is inevitable. If you figured out a way around that, let me know. It is a BIG mistake not to have a plan for your death or disability. What happens? The court system will control your assets upon your incapacity and while your loved ones face an expensive and often contentious guardianship and conservatorship proceeding. Then, when you pass away, your assets are distributed according to default state laws, which often results in children being unintentionally disinherited and your spouse (or second spouse) having to face spousal rights issues and battle your children for a share of the estate or the right to continue living in their home. Further, this is all done through the court systems under the probate process.
Probates often take a long time, cost more, and are public. Most families do not want the “googlers” being able to look up how much each of their children or spouse inherited. Further, this scheme does not have any built-in tax efficiency.
So Why Do Estate Planning?
- Avoid Conflict & Chaos
- Protect Yourself
- Protect Your Family
- Avoid Assets Being Tied up in Court
- Decide Who Makes Health & Financial Decisions
- Promote Family Harmony
- Avoid Leaving Kids at Risk
- Protect Assets
- Leave an Impact
In short there are 2 winners to not having a well thought out and executed plan: your attorney and Uncle Sam. Remember—all plans are not created equal. Make sure you don’t fall for the “I love you will” trap. Check out our blog post on “I Love You Wills” to learn more or come in and see us.
