What Happens if You Don’t Have an Estate Plan?

I can’t stress enough how important it is to have an estate plan.  You need to protect your hard-earned assets, yourself, and your loved ones.   What happens if you don’t plan?

  • Minor children will not have nominated guardians
  • Children inherit all at legal age
  • Conservatorship (i.e., court process) necessary if incapacitated
  • Probate is expensive:  5-7% of your gross probate assets ($50,000 – $70,000 for $1 million in assets)
  • Probate is time-consuming – 9 months to 2 years to settle estate
  • Probate is public
  • Probate invites conflict among family members
  • Unintentional disinheriting of children from 1st marriage
  • Inheritance to children may not be protected from creditors
  • State law determines distribution of your assets
  • Family is left without instructions at time of grief
  • Family will have to sort and organize
  • May have to pay federal estate taxes
  • Business may have to go through probate
  • Business does not have an orderly succession plan

Don’t Wait Until It’s an Emergency!