People often think about estate planning in the context of how it can benefit themselves. However, you are not the only person affected by a plan. It can also help beneficiaries, care providers, charitable organizations and future generations.
Thus, if you have people in your life that you care about, you should consider the issues you may leave behind if you do not take the time to create a will.
Headaches for your heirs
The people you love can end up suffering the most if your estate goes through probate without a will to direct the process.
In terms of your heirs, they will receive property per California’s intestacy laws. These laws dictate who will receive property when a person does not leave a will. When property is handled this way, your heirs may not receive what they deserve or expect.
Challenges for your children
If you do not leave a will, you could wind up leaving your children with avoidable (and expensive) obstacles to overcome.
If they are young, their well-being could be in jeopardy when it comes to appointing guardians to care for them. As adults, they can struggle to handle your affairs without knowing what you want them to do.
Failure to plan for things like long-term care, probate, property transfers and funeral costs can mean missing out on numerous financial benefits. With proper planning, you can maximize your monetary gifts and shield your loved ones from paying for expenses out of their pockets.
By crafting an estate plan, you can preserve your assets and take advantage of options related to tax breaks and incentives. You can also make it easier to avoid oversights that could trigger costly litigation.
Simply put, even if you don’t feel like you need to create an estate plan, it is still likely still worth looking into further. Instead of potentially putting the people you care about at risk of these consequences, it may be wise to meet with an experienced estate planning attorney.