By: Sarah Stewart Legal Group
Estate planning is a difficult subject for many of us. We don’t like to face our own mortality. But, the truth is, death is one of life’s greatest certainties and we will all have to face it eventually. The longer you wait, the more likely it is you will face the following 5 consequences for your delay:
(1) Your Heirs will Have to go to Court
Whether they are seeking to help you manage your finances and health when you are no longer able to do so, or trying to sort through your assets and debts after your death, without an estate plan, your heirs will go to Court to deal with your issues. Preparation can make a huge difference in the lives of your loved ones when the unexpected happens to you.
(2) Your Family will Lose Money
When people go to Court, it costs money. There are filing fees the Court takes, and, unless your family has a probate and guardianship attorney in it (and many times even then), there are attorney fees required to go to Court.
You can try to go it alone, but that can be frustrating and take a lot more time and money because the family member has to research what documents to file, prepare them, take off to go to Court, and usually, come back and do it all over again because they missed something the first time, or second time, or third time…I think you get the picture.
Judges allow people to represent themselves in Court, but they are held to the same legal standards as attorneys because, well, the law is the law and you and the Judge have to follow it. Save your family the hassle and money and make a plan today!
(3) Losing Time
Not only does going to Court in itself take time and preparation, but leaving your estate open to the possibility of going to Court opens the door to fights in the family. Even if they have no valid reason to fight, family members can tie up your assets for months just because they want to fight. Maybe they don’t like your son Billy. Maybe they blame you for their divorce. Who knows? Family dynamics are complex. An estate plan is the best way to guard your loved ones from messy family interests.
(4) You Will Lose Your Choices
If you do not have a proper plan in place, the Court will decide for you, based on local law. The Court’s decision may not always be what you want. For instance, did you know that if you don’t have an estate plan, your spouse may only get 1/2 or less of your assets when you die? No? Most people don’t.
Or, if you have minor children and are divorced, did you know your ex will get the privilege of “managing” your money for your children after you die? Does that make you uncomfortable? It probably should.
(5) Struggles with Property in Other States
If you own property in more than one state, you can take everything we’ve discussed here and magnify it by the number of states you own property in. Every property will have to go through probate in the state where the property is owned. Does that make your head spin? Imagine what it will do to your family.
It is never too soon to start thinking about what will happen if you are unable to make decisions for yourself or if you pass away. Start planning now!