Estate planning is not just for millionaires.
Good work.
You are starting the process of estate planning.
This is no small accomplishment.
Estate planning involves strategic thinking.
When strategizing, you must consider the risks.
According to The Huffington Post article titled “5 Consequences of Avoiding Estate Planning,” there are plenty of risks when it comes to estate planning.
Like what?
Court.
If you do not plan properly, your family may need the permission of the court to access your finances if you die or are incapacitated.
Daily living expenses, mortgage payments, bills and funeral costs will not disappear simply because you are dead or disabled.
Life will continue.
Do not add this stress to the shoulders of your grieving family.
The cost of probate.
Probate is not cheap, especially when your lack of preparation, planning an organization comes home to roost.
Without a proper will, the expenses of time and money will increase.
Your loved ones are busy anyway ... and attorney time to clean up your estate will not be cheap.
Be sure your estate plan is straightforward and efficient to rule out expensive legal fees.
Time.
Probate proceedings with no estate plan can be complex.
A court will designate an executor and distribute your assets according to state intestacy laws.
These things take time.
Time equals money and stress.
Do not let this happen.
Your wishes not being followed.
If you do not leave your wishes in a properly executed will, they will not be followed.
The court will decide who gets what and when.
Chances are you have a preference as to who inherits what.
Assets in multiple states.
What happens if you have assets in multiple states?
If you do not plan accordingly, it can get ugly.
Probate in one state is bad enough.
Imagine it in two.
Or more.
Double the headaches, time and expenses for your loved ones.
Now you know the risks.
What now?
Work with an experienced estate planning attorney to create a plan to fit your specific circumstances and goals.
So, how do you find an "experienced" estate planning attorney?
First, ask around. Friends, family and other professional advisors are trustworthy sources.
Second, conduct an "organic" search on "Google" for "estate planning" near you (e.g., "Estate Planning Anytown MoKan").
Third, either way, verify! Check out the education, experience, ratings and client reviews of any attorney before you contact him or her.
How?
Two helpful online resources are just a mouse click away to assist with your due diligence: Avvo.com and Lawyers.com.
Check any Avvo ratings, client ratings/testimonials and attorney endorsements on Avvo.com and any "peer ratings" by judges/other attorneys and any client ratings/testimonials on Lawyers.com.
In fact, I use both of these services to thoroughly vett attorneys before referring members of our "client" family for legal help in other areas of law or for matters in jurisdictions outside Kansas or Missouri.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
Reference: Huffington Post (February 11, 2017) “5 Consequences of Avoiding Estate Planning”
Comments