You can’t take it all with you. We have all heard this saying, but do any of us even think about our possessions and what’ll happen to them after we are gone?
Throughout our life, majority of us accumulate a lot of things: home, cars, life insurance, savings accounts, investments, personal possessions, furniture, etc. We can’t take any of it with us when we leave this world and it is all left behind when we are gone. Have you thought about who’ll receive your car or home when you aren’t here anymore? Who’ll collect the cash you amassed throughout your life?
Many people don’t think about estate planning when they are young. They believe that estate planning is something only the elderly should be concerned about. That is not the case. Everyone should plan for their passing. Estate planning ensures that all your wishes are carried out after you have passed and the people you love get the financial and physical possessions you want them to have. Therefore, estate planning is essential no matter how old you are.
What Happens If You Fail to Act?
If you don’t have an estate plan and something terrible happens to you, control of your possessions will be taken over by the state. Let us say you are in accident that made you disabled. If there isn’t any estate plan, a court member will be assigned by the state to make decisions on your behalf. The court member will make decisions about your care and the fund that’ll be used for the care.
If the accident leads to your demise and there isn’t any estate plan, then the probate laws will take over. Everything will be distributed according to those laws. Usually, a specific share of your total estate will be given to your children and spouse. This means your spouse might not receive enough to live there comfortably. If your children are under 18 years old, their inheritance will be decided by the state. The worst thing is that if your spouse dies with you in the accident, the guardian for your children will be decided by the state.
Have an Estate Plan
If you want to ensure that your loved ones live comfortably after you’re gone, form an estate plan before it is too late. When you are thinking about creating an estate plan it is best to take help from an experienced lawyer. They will ensure that your important documents like will, trust and power of attorney are prepared correctly. You should not attempt to complete all the documents on your own as you’re likely to make some error that can negate the estate plan. Once created, store those documents in an easily accessible and safe place like a deposit box.
If you need help with estate planning, wills and probate, contact the experienced attorneys at Wolterman Law Office.