4 Reasons Why You Can’t Afford To Go Without An Estate Plan
The Consequences of Not Having an Estate Plan
When it comes to delaying or ignoring estate planning, it’s easy to justify with thoughts like “I won’t be around to care” or “I’m too young to worry about it.” However, these rationalizations stem from pride, denial, and a lack of understanding about the importance of estate planning and its potential consequences for your family.
Understanding the purpose of estate planning and the protection it provides is crucial. Without a plan in place, here are some of the likely outcomes for you and your loved ones:
01 | Your Family Will Have to Go Through Court
If you don’t have an estate plan or rely solely on a will, your family will face probate upon your death. Probate is the legal process of settling your estate, which can be slow, costly, and public. Even with a will, probate proceedings can tie up your assets for months or even years, depleting them with court fees and attorney costs. This process can be particularly distressing for your family, who must navigate the complexities of court while grieving.
To avoid probate, consider establishing a trust to ensure your assets pass directly to your family according to your wishes, privately and efficiently.
02 | You Lose Control Over Asset Distribution
Without a plan, state laws determine who inherits your assets. This can lead to unintended consequences, such as leaving out unmarried partners or distributing assets in ways you wouldn’t prefer. Even if you’re married with children, complexities like previous marriages or estranged relationships can complicate asset distribution.
With an estate plan, you dictate how your assets are distributed, ensuring your wishes are honored and your loved ones are provided for as you intended.
03 | Lack of Control Over Medical and Financial Decisions
Estate planning isn’t just about death—it’s also vital for handling incapacity due to illness or accident. Without a plan, your family may need to seek court approval to manage your medical and financial affairs. This process can be costly, time-consuming, and emotionally taxing.
By establishing powers of attorney and medical directives in your estate plan, you empower trusted individuals to make decisions on your behalf if you become unable to do so.
04 | Uncertainty Over Guardianship for Children
For parents of minor children, the most critical aspect of estate planning is naming legal guardians. Without a plan, the court will decide who raises your children if you’re unable to. This decision can lead to family disputes and potentially place your children in the care of someone you wouldn’t choose.
To ensure your children are raised by those you trust, designate legal guardians in your estate plan. Our Kids Protection Plan® can guide you through this process step-by-step.
Take Control of Your Future Today
Avoiding estate planning only delays inevitable decisions and increases stress for your loved ones. By creating an estate plan tailored to your unique circumstances, you protect your assets, ensure your wishes are followed, and provide peace of mind for your family.
Don’t wait until it’s too late. Contact us to schedule a consultation and start securing your family’s future with a well-crafted estate plan. We’re here to support you through every step of the process, ensuring your legacy is protected and your loved ones are cared for according to your wishes. Start planning today for a more secure tomorrow.
This article is a service of Zarda Law, S.C. We do not just draft documents; we ensure you make informed decisions about life and death, for yourself and the people you love. That's why we offer Legacy Planning Session, during which you will get financially organized and make all the best choices for the people you love. You can begin by scheduling a Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.
