Consequences of Not Handling Your Estate Planning Affairs (part 1 of 2)

It can be easy to continue to put off your estate planning. This is because life is often busy and you may find yourself piling on other responsibilities. Its important not to put off your estate planning needs. If you dont take the time to plan, you and your family will be unprepared for the unexpected. Take a look at the following information, to better understand the need for a proper estate plan. If you have any questions, or if youd like to begin handling your estate planning affairs, contact an estate planning attorney.

• Without a plan, you will have no say in how your assets are distributed.

 

If you dont create a plan, your states laws will determine how your assets are distributed. This means that your assets may be given to the wrong people. Were you hoping to give your assets to only a couple of your close relatives? Did you not want to include a particular relative in your planning? If so, you need to create a plan so that you can express your wishes! Having an estate plan keeps you in control.

• Without a plan, youre unable to appoint a guardian for the care of your minor children

 

If you have minor children you want to make sure that theyre always loved and protected. With a plan, youre able to decide on the best guardian. You will be able to choose a caring, loving, reliable, and responsible adult. If you dont have a plan, the court will make this important decision for you. Youll lose control of your childrens care.

 

• Without a plan, you wont be able to control who makes decisions on your behalf if youre ever incapacitated

 

You never know when a medical emergency will happen. Its important to have a plan in place so that you can nominate trusted helpers to make decisions on your behalf, if youre ever unable to make these decisions yourself. You can also outline important wishes regarding certain medical treatments, such as life support. Make sure that youre able to have some control during unexpected events.

Take a look at our next blog post (part 2 of 2), to learn more about the importance of planning. If you have any questions, or if youd like to begin handling your estate planning affairs, consult with a qualified estate planning attorney.