Almost 60% of adults in the United States do not have an estate plan or a basic will and it’s something that many people don’t want to think about. Most common response to putting together an estate plan is, I’ll get to it later, with the assumption that it does not affect you right now.
However, it could take weeks, months or even years for estate plan to wind through the complicated probate process, especially if you have not taken any care in your estate planning process altogether.
Since the average funeral cost in the United States is $7000, this can put a sudden and unfortunate financial burden on your loved ones that you never intended to leave behind.
Furthermore, if you don’t have you wishes clearly laid out on paper in your estate plan, this can lead to conflicts within your families. You will need to contact an experienced professional to help you with basic and complicated estate planning.
There are many different assets that could be included in your overall estate and as estate laws are currently changing and tax laws are always shifting, it is important to identify an attorney who is highly knowledgeable about this area of the law.
New concerns emerge in the estate planning realm often, including what to do with digital assets, such as the photos and other memories you have stored online. Failing to include these in your plan can make things even more difficult for your loved ones and can delay the process significantly.
Not having a plan also means that you leave the decisions about what happens to what’s inside your estate up to people who don’t know you at all or might not understand the intentions that you had. If you do not articulate these on paper, your loved ones could be the ones paying the price for this difficult situation. If you are ready to sit down and discuss estate planning options, schedule a consultation today with a knowledgeable attorney.