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.
- An Irrevocable Trust Need Not Be Scary - May 30, 2023
- Don’t Procrastinate: Five Reasons To Plan Your Estate Now - May 25, 2023
- Estate Planning for Parents With Children in College - May 24, 2023