Five Consequences of Avoiding the Estate Planning Process
You might be under the impression that smaller estates or a lack of obvious heirs makes it easy to skip the estate planning process. That’s a bad idea, since you need to think ahead about what will happen to your assets regardless of their total value.
Anyone who has assets of any amount can still benefit from the process of articulating their desires in an estate plan.
Failing to take action can have consequences for you not just over the course of your life, but also for your loved ones if and when you pass away. Your family members may be faced with difficult decisions and legal constraints if something happens to you and you have not articulated what you want. The five most common challenges presented to your loved ones after you have passed away, include:
- Probate cost
- Your legacy being managed by the wrong hand
- The length of time it takes to resolve your estate
- The challenges presented by assets in multiple states
No one wants to put their loved ones in a difficult position, even if you think your estate is too small to worry about.
Even if you believe that you do not have significant assets, articulating your desires for even your personal belongings can give you confidence and peace of mind about the future and also help to clarify your intentions and your legacy. Sitting down with an estate planning lawyer can help you accomplish all of these goals at once.