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!