The Cost of Not Having Basic Estate Planning in Place: Why it Matters for Families
As a homeowner with children, safeguarding their future and well-being is undoubtedly a top priority. Yet, many overlook the crucial step of planning for what would happen if they were to pass away unexpectedly. Without a basic estate plan, you risk leaving your family vulnerable to severe consequences.
What is Estate Planning?
Estate planning involves creating legal documents that specify your wishes for how your assets and property should be distributed after your death. This process also includes appointing guardians for your children, designating someone to manage your finances if you become incapacitated, and outlining your healthcare preferences for end-of-life scenarios.
The Consequences of Not Having an Estate Plan
If you die without an estate plan, state laws will dictate how your assets and property are distributed, which may not reflect your personal wishes. Your family may also have to endure a lengthy and expensive probate process, where a court oversees the distribution of your estate.
Furthermore, if you have minor children and have not designated a guardian, the court will decide who will take care of them. This could lead to custody battles and the possibility of your children being placed with someone you wouldn't have chosen.
Financial Implications
The financial cost of not having an estate plan can be substantial. The probate process can be both time-consuming and expensive, with fees typically ranging from 2.5% to 5% of the estate's value. Disputes over asset distribution can further escalate legal costs.
Additionally, if your children are placed with someone you didn't choose, you may face significant legal expenses fighting for custody.
The Importance of an Estate Plan
Creating a basic estate plan is a vital step in securing your family's future. With a plan in place, you ensure that your assets and property are distributed according to your wishes, your children are placed with guardians of your choice, and your family is shielded from unnecessary legal fees and conflicts.
Take Action Now
Don't delay in setting up an estate plan. By taking action now, you can provide peace of mind and protection for your loved ones. Consult with an estate planning attorney who can help you craft a plan tailored to your needs, ensuring your family's future is secure.
Protect your family's future today by starting the estate planning process. Your proactive steps now can save your loved ones from financial and emotional stress in the future.
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.
