Estate Planning Procrastination
According to AARP nearly 60% of adults do not have a will or any other estate planning devices.
So, what’s the big deal if you don’t have a will? There will always be time to do it later, right? Unfortunately, not always. While no one likes thinking about his or her own mortality, failing to do so, can have quite a negative impact on your family and friends. From lawyer fees and other court costs, to having strangers decided who gets what, and more, both the emotional and financial cost of not doing estate planning can be quite large even if an estate was very small.
There are a number of reasons why people don’t want to do wills, health care proxies or powers of attorney -- all the important documents you need to help protect you, your assets and your family. People don’t want to plan to die. Others just don’t know what planning entails so they avoid planning. And, others believe it is just too expensive or complicated to do estate planning. These people often try to put off estate planning until they have built up “just a little more money” (which may never happen). Still others don’t think estate planning is necessary because they don’t own many assets.
Results of Not Having an Estate Plan
If you die without a will or other estate planning device, your state decides based on the state laws of intestacy (not having a will), who is entitled to your assets. For instance in Alabama, if you have no heirs, Alabama gets all of your assets.
Also, by not doing estate planning, most people usually cause their family and loved ones extensive amounts of pain, grief, and loss of money and/or other assets as the courts make these decisions on who gets what. Many lawyers note this generally results in fighting between family and friends and will cost individuals excessive amounts of money on legal fees, administrative costs, and more that could have been avoided if proper estate planning had been done.
Do estate planning in order to make sure the courts and strangers don’t cost you money, time and make important estate related decisions for you and your family. Learn more at Gentreo, www.gentreo.com.
Gentreo is not a law firm or a substitute for a law firm or attorney or an attorney’s advice or recommendations.