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Home / Estate Planning / The Impact of Dying Without an Estate Plan

The Impact of Dying Without an Estate Plan

March 11, 2021 by Brandon McGee

Compliments of the McGee Law Firm, Attorney Brandon McGee

Most of us expect that tomorrow will be another day like any other. But, as Euripides said, “no one can confidently say that he will still be living tomorrow.” In fact thousands of people die in the United States every single day. Some of them die of long-term illnesses. But, many of them die unexpectedly from accidents, heart attacks, and other tragedies.

Let’s look at what would happen if you died without planning in advance. First, if your death were preceded by a period of incapacity, your family might not be able to access funds that were needed during your illness. Without a Durable Power of Attorney for Property, financial institutions and other companies and organizations (Social Security Administration, utility companies, etc.) will not speak with anyone trying to assist you. Next, if you had not legally expressed your wishes with regard to your end-of-life care, your family might not be able to carry out your wishes. A Health Care Power of Attorney, Advance Health Care Directive, Health Care Proxy or Living Will would be needed to empower the person whom you designate to assist you.

After your death, the probate court would appoint an executor or administrator for your assets. In some states this can be a time-consuming and expensive process. Often, this process can be made less burdensome if you had planned with a Trust. But, in the absence of planning, there are no legal instructions with regard to the disposition of your assets. In other words, you were “intestate.”

When you die intestate, the distribution of your assets is set by a pre-determined list for intestate succession that varies from state to state. Typically, it is some combination of your spouse, descendants, and family of origin. But, without a valid Will, you do not get to specify who gets how much. You have to rely on what your state has set as the default for distribution. This may be far from what you have in mind. For example, if you have an unmarried partner, he or she would get nothing.

Even more importantly, without a Will, you would have no input into who will raise your minor children or provide assistance for an adult child with special needs. State law and the judge will determine that for you. Of course, the judge would not be privy to your experiences and may make a different decision without the benefit of your guidance.

Unfortunately, the question is not if you will die, but when will you die. When you die, you can leave a plan to achieve your goals and care for your family or you can leave it to chance. Your family and your hard-earned assets are too important to pass without your direction. Contact our attorney today. We can prepare a plan for you which achieves your goals of passing your assets to whom you wish and make sure that your selection of guardians for your children are heard by the court. The planning can even help minimize estate taxes.

Compliments of the McGee Law Firm, Attorney Brandon McGee an established member of the prestigious American Academy of Estate Planning Attorneys, as well as the National Academy of Elder Law Attorneys 


Written By: The American Academy of Estate Planning Attorneys

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Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
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Filed Under: Advanced Directive, Asset protection, Estate Planning

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

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Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

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