Can’t Think of a Good Reason to Create an Estate Plan? Here are 10 Great Ones

9:38 pm Estate Planning

number 10 150x150 Can’t Think of a Good Reason to Create an Estate Plan?  Here are 10 Great OnesThe best reason for creating an estate plan is because we cannot foretell the future…but here is what could happen if you don’t have an estate plan in place should something unfortunate happen to you:

Incapacity – with no estate plan, a court will decide who will be making financial and healthcare decisions for you.

Minor children – with no estate plan, a court will decide who will raise your children.

No will – with no estate plan, your estate will pass to heirs according to California law of intestacy, with no protection that a trust can offer and perhaps to someone you don’t want receiving your assets.

Blended families – with no estate plan, your assets may not go to children of different marriages as you may have wished.

Family members with special needs – with no estate plan, a child or other family member with special needs may be put at risk for disqualification for Medicaid or SSI benefits.

Keeping things in the family – with no estate plan, your personal property and assets may wind up in the hands of a child’s spouse in the event or a divorce.

Financial security – with no estate plan, your spouse or children may not be able to enjoy a secure financial future since you would have made no provisions to protect assets.

Retirement assets – with no estate plan, you may have not designated the proper beneficiary for your retirement assets and this failure to plan could result in adverse tax consequences for loved ones.

Your business – with no estate plan, your family business may be put in jeopardy since you have not created a succession plan that would create a smooth transition.

Probate – with no estate plan, your estate could be subject to unnecessary delays and fees, and will become a matter of public record.

Let our Costa Mesa law offices help you get started by contacting us today.

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