4 Reasons Why You Can’t Afford to Go Without an Estate Plan

When it comes to estate planning, it’s easy to push it aside with thoughts like, “I won’t care because I’ll be gone,” or “I’m too young to think about that.” Maybe you even tell yourself, “It won’t happen to me” or “My family will know what to do.” While these thoughts may seem rational at first, they often stem from a mix of denial, misunderstanding, and a lack of education about the important role estate planning plays in protecting your family and your assets.

The reality is, if you don’t have a plan in place, the consequences can be financially and emotionally devastating for your loved ones. Let’s take a closer look at why having an estate plan isn’t just important – it’s essential for ensuring that your wishes are respected and your family is taken care of in times of crisis.

1. Your Family Will Have to Go to Court

If you don’t have an estate plan, or even if you just have a basic will, your family will likely need to go through a lengthy and costly legal process known as?probate. Probate is the court process of distributing your assets after your death. Even with a will, probate can take months (or even years) to finalize, and it’s often expensive. Court and attorney fees can eat up a significant portion of your estate, leaving less for your loved ones.

But perhaps the most challenging part of probate is the emotional burden it places on your family. In addition to grieving your loss, they will have to navigate a slow-moving and often confusing legal system, all while their personal matters are made public.

The good news is that probate can often be avoided entirely with proper estate planning. By creating a trust, for example, you can ensure that your assets are distributed directly to your beneficiaries without court involvement. Everything can happen privately and according to your wishes – without the hassle of the court system.

2. You Lose Control Over Who Inherits Your Assets

Without an estate plan, the state will decide who inherits your property based on?intestate succession laws. These laws are designed to provide a default system, but they don’t always reflect your personal wishes. If you’re married with children, your spouse and children will likely inherit your assets. But what if you’re estranged from your children or have children from a previous marriage? In those cases, the state’s default laws might not align with your intentions.

Additionally, if you’re not married or don’t have children, your assets may go to distant relatives – or even the state – without your say in the matter. Unmarried partners, close friends, or charities that are important to you won’t receive anything without a formal estate plan in place.

Planning ahead allows you to control exactly who gets what, ensuring that your assets go to the people or causes that matter most to you. Without that plan, the court will decide, and that decision may not align with your desires.

3. You Have No Control Over Your Medical, Financial, or Legal Decisions in the Event of Incapacity

Estate planning isn’t just about what happens after your death – it also covers the possibility that you may become incapacitated due to an illness or accident. Without a plan, your family may need to petition the court to appoint a guardian or conservator to make medical, financial, or legal decisions on your behalf. This process can be lengthy, costly, and emotionally taxing for everyone involved.

By setting up documents like?durable powers of attorney?and?healthcare directives, you can choose the person(s) who will step in and manage your affairs should you become incapacitated. This ensures that someone you trust is in charge, rather than leaving those decisions to a court or strangers.

An estate plan can also outline your specific wishes for medical care, including important end-of-life decisions, so your family won’t have to guess what you would want.

4. You Lose Control Over Who Will Raise Your Children

If you’re a parent, one of the most crucial reasons to have an estate plan is to ensure that your children are cared for by the right person if something were to happen to you. Without a plan, a judge will decide who raises your children – potentially someone you would never have chosen. Worse, if there’s a conflict among your family members, they could end up fighting over custody in a court battle that could last for years, all while your children are caught in the middle.

Naming?legal guardians?for your children in your estate plan is essential for ensuring that your kids are raised by the people you trust. It’s also important to have a plan in place that temporarily protects your children until the court can finalize guardianship, so they’re not placed with strangers while the process unfolds.

Our comprehensive?Kids Protection Plan?guides you through the process of naming legal guardians, ensuring that your children are cared for according to your wishes, no matter what happens.

Don’t Wait – Create Your Estate Plan Today

The consequences of not having an estate plan are simply too great to ignore. By taking the time to create a comprehensive plan, you can avoid the stress, costs, and complications that can arise after your death or if you become incapacitated. You’ll have peace of mind knowing that your family is protected and that your wishes will be carried out.

At Cheever Law, APC, we don’t just draft documents; we ensure you make informed and empowered decisions about life and death for yourself and the people you love, starting with a valuable and educational Life & Legacy Planning Session. This will allow you to get more financially organized and make the best choices for the people you love. If you have already completed your estate plan, we will review that plan at your Life & Legacy Planning Session to ensure that it will work the way you intend and address any holes or gaps that may be present if circumstances have changed since you executed your plan.

To learn more about our one-of-a-kind systems and services,?contact us ?or?schedule a no-obligation 15-minute introductory phone call ?today.