You want to continue to take care of your family when you’re gone. While saving a few bucks and a bit of time may seem like a wise decision, the complicated process of estate planning can quickly leave your family wanting if your outlines miss the mark.
One-third of people report having personally experienced or knowing someone who has experienced family conflict because of incomplete instructions. At the same time, 71% said that the knowledge that they have a solid framework in place would make them feel like a good parent or spouse. Crafting an estate plan can leave you feeling content that you’ve provided for your family, but an effective plan is what really matters.
Covering all your assets can be hard, but it’s even harder if you don’t know the full power of estate planning:
- Missing assets: You’ll need to account for all your assets. It’s not just the money left over in your bank accounts. It could also mean plans for all real estate, digital holdings and survivor benefits. These will all need direction, otherwise amounts left uncovered could be at the whim of the state.
- Complex planning: These matters can get pretty intricate, especially when trusts enter the mix. When you use a trust correctly, it could save money on taxes, and help provide for your family. But setting up the wrong kind of trust, forgetting important designations and leaving out thorough instructions can all leads to problems.
- Difficult business: Things can certainly reach a new level of complication if there’s a family business involved. Without a complete outline for succession, your business itself could be in jeopardy. Without you there to decide who will take over what roles, which family members keep a share and how things will legally pass to the next generation, your business may not survive for very long.
Coming up short with your outlines can lead to in-fighting, will contention and months of additional probate. Make sure you care for your family by providing them with an estate plan that can take care of the process.