People have all sorts of reasons for postponing their estate planning. Unfortunately, too many people postpone it for so long that they die without any estate plan in place — even a simple will. They don’t intend to but putting off estate planning until your older years can have serious consequences for you and your family.
What are some reasons why I should not put off my Estate Planning?
- To ensure your assets are properly divided. To confirm your assets are correctly dispersed, your decisions must be documented in a trust and/or will.
- To protect your beneficiaries. One of the most imperative reasons to craft your estate plan is to protect the ones you love. In the event of your passing, you want to make sure your family will be well taken care of, especially your children. With an estate plan, you can assign a temporary guardian or a permanent guardian for your children.
- You get to decide who will be administrator of your estate. By making a Will, you can decide who will administer your estate. This person is responsible for safeguarding your property after you pass away, gathering your assets, paying your debts, and for distributing what remains of your estate
Without an estate plan, the courts will intervene to determine who gets your property. If you don’t have a will or trust in place, your property will be distributed according to the state’s laws of intestacy, which generally prioritizes spouses, children and parents. Moreover, not having a plan for the distribution of your property could lead to disputes among your surviving family members, which can be an emotional burden for your loved ones and also become a costly court battle.
Contact our office today at (206) 408-8158 for a consultation to discuss your estate planning options.