Your family can face a lot of consequences if you don’t have an estate plan. When you have an estate plan, it’s a final act of love that shows how much you care about your family. While you can’t take your assets with you when you’re gone, you can use them to ensure your family’s well-being and financial stability after you pass. When people reach adulthood, they should always be thinking about the future. A common misconception is that only seniors should be thinking about an estate plan. It is of the utmost importance that estate planning is a part of the aging process. However, anyone with a home, a business, rental properties, and children should put estate planning at the forefront. Here are some consequences that your family will face if you leave them without an estate plan.
Without an Estate Plan, a Judge Will Determine Your Future if You Become Incapacitated
If unfortunately, you become sick to the point of incapacitation, your loved ones should be making decisions about your finances and not a judge. The people you know, love, and trust should have complete control on your behalf. While you’re in the right state of mind, you should officiate your wishes and desires before it’s too late to do so. While we all hope for excellent, long-lasting health, you never know what’s going to happen.
Your Family Will Have to Go Through Probate
Probate is long, drawn-out, and public. Depending on particular circumstances, probate can take anywhere from four months to a year or more! Plus, courts base probate fees on the size of your estate. If you have a lot of assets, this can be costly. However, all of this is avoidable. When you have an estate plan in place, your family won’t have to go through this.
Estate Planning Ensures That Your Child Has a Secure Future, Especially if They Have a Disability
If something happens to you, and your child is a minor, they won’t receive any benefits until they turn eighteen or any age which you determine. This complication is why investing in trusts makes a world of difference. If you name a trust as the beneficiary versus your child, it ensures that they’ll receive their inheritance when you designate a trustee to manage and distribute the money to a child. Plus, if your child has a disability, having a trust in place won’t make them ineligible for government benefits such as Medicaid.
When someone passes, life is devastating. It’s challenging to make sound decisions when you’re grieving. For that reason, preparing for the future is vital. Estate planning ensures that your family doesn’t have too many choices to make while they’re mourning because an estate plan will outline all of your wishes. When you’re ready to prepare for the future, give Millman Law Group PLLC a call.
MILLMAN LAW GROUP PLLC WANTS TO SAVE YOUR FAMILY FROM UNWANTED CONSEQUENCES
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.