The Risks Of Dying Without An Estate Plan
People often postpone making their estate plans, thinking they can do it later. Some people may end up doing it later, but others will die without a plan in place. If you do not have an estate plan when you die, you take on risks. Here are four risks you assume when you die without an estate plan in place.
The Court Decides Who Gets Custody of Your Kids
If you pass away and have minor children, the risk you take is giving the court the decision to choose who gets custody of your kids. Does the court know your family and the situations in it? Will the judge select the right person? You can prevent the court from deciding for you by planning for this ahead of time. If you create a will, you can state who will care for your kids when you pass away.
The Court Decides Who Gets Your Things
The court also gets the responsibility of distributing your assets if you die without a will. Your family members cannot take your things after you die without the court's approval. The judge will evaluate the situation and make a ruling on it. You can avoid this risk, too, by creating a will. If you have a will, you can choose where your things go when you die.
Your Family Will Spend Time and Money Trying to Settle Your Estate
Another thing to consider is the time and money your family will spend trying to settle your matters after you die if you did not create a plan. It costs money to go to court to settle an estate. If you want to make this event easier for your family, create a plan now.
Your Family Will Decide How to Handle Your End of Life Decisions
The last thing to consider is your end of life decisions. Do you want a funeral? Do you prefer cremation or burial? If you do not leave a written plan for these things, your family will decide for you. If they do not know what you wanted, they will try to select the best option, but they may get it wrong.
Many people go through life without an estate plan, and they take these risks by doing so. If you want to prevent these issues from occurring, you should meet with an estate planning attorney to begin working on your estate plan.