What are the Dangers of Not Creating an Estate Plan?

Who wants to think about creating an estate plan? Taking this one step further, who wants to actually put time into this process?

It may not be something you want to do, but that shouldn’t stop you from moving forward. At some point, sooner rather than later, you must realize the benefits of having a comprehensive estate plan.

There are many dangers of neglecting to create an estate plan. These include:

1. Leaving your family in a difficult position. Without an estate plan, you never know what will happen to your assets when you pass on. Are you okay with this? Are you okay with the idea that your family may fight over what you have left behind?

Don’t put your loved ones in this position. Instead, use an estate plan to clearly outline what should happen to your assets once you pass away.

2. Probate. The last thing you want is for your family to be faced with the probate process. If this happens, it can take a lot of time for your estate to be distributed. Even more frustrating is how much it will cost your loved ones.

There are steps you can take to ensure that your heirs don’t have to deal with probate.

3. No peace of mind. Remember, an estate plan is more than something that dictates how your assets are distributed upon your death. This can also give you peace of mind while you are living, as you know that everything will be taken care of in the future.

If you have yet to create an estate plan or need to make immediate changes, here are some ideas to consider:

• Will
• Revocable living trust
• Joint ownership
• Beneficiary designations
• Life estates
• Lifetime gifting

For more information on these strategies, among others, visit our estate planning services webpage. It is here that you will find answers to many of your questions.

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Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC

As the owner of Krueger Hernandez & Thompson SC, it is Stephanie’s mission to address each client’s goals for their estate plan. By identifying their wishes and concerns she can educate, guide, and counsel on the different tools and options that will effectively and efficiently accomplish those goals.

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