There are many 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. If fact, according to AARP, nearly 60% of adults do not have a Will or any other estate planning devices.
Why Do I Need a Will?
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 decide who gets what, both the emotional and financial cost of not creating an estate plan can be substantial even if an estate was very small.
Not Having an Estate Plan
If you die without a Will or other estate plan, 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, that state gets all of your assets.
Also, by not having an estate plan in place, most people usually cause their family and loved ones extensive amounts of pain, grief, and loss of money as the courts make choose 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.
Protect Your Family
You should have an estate plan in place to make sure the courts and strangers don’t cost you money, time and make important estate related decisions for you and your family.
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This article is for informational purposes only and should not be considered legal advice. Consult with a qualified attorney or estate planning professional for personalized guidance.
