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Home / Estate Planning / The Risks of Not Creating an Estate Plan

The Risks of Not Creating an Estate Plan

March 17, 2021 by Brandon McGee

It’s natural to continually put off the estate planning process. You don’t know what you want to do. You don’t know how to make the tough decisions. And you definitely don’t want to think about the day when you’re no longer around.

Even though estate planning can be complex and stressful at times, there are many risks associated with ignoring this process. Here are just a few of them:

  • Inability to protect your assets: For example, if you want everything to go to your spouse upon your passing, you probably want to outline this in your estate plan. Don’t count on the fact that this is definitely how things will play out upon your death.
  • You put your children at risk: If you have children under the age of 18, it’s imperative to name a guardian for them in the event of your death. Should you neglect to do so, the court will make the final decision as to who gains custody of your children. This is a risk you never want to take.
  • No incapacity plan: There’s more to your estate plan than deciding who gets what upon your death. Incapacity planning is also important, as this allows you to make key medical decisions in advance. It also gives you the opportunity to name someone as your healthcare power of attorney agent. This is the person who will have legal authority to make medical decisions on your behalf if you’re unable to do so.

These are just a few of the many risks of not creating an estate plan. Fortunately, if you create a comprehensive estate plan, you don’t have anything to worry about. You can be confident that everything is in order.

If you need help creating your first estate plan or altering the one you already have, contact us for guidance.

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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: 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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