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Your Estate: Don’t Assume it Will All Be Figured Out

October 28, 2019

Filed under: Estate Planning — Laura Pennington @ 1:00 pm

The topic of completing your will might give you some nerves because you don’t want to think about when you’re no longer around or because the process overwhelms you and you don’t know where to start.

Too many people make this costly mistake of assuming that things will be figured out by their relatives or the state after they pass away. While it’s true that the state’s laws on passing on assets without a will do indeed kick in, this can leave behind a real mess for your family.

Those verbal promises you made to one family member about taking an heirloom could explode into a fight between siblings or relatives who want to claim ownership. Without a written document, it falls to the courts.

Handing over control to the courts can cause numerous problems in your estate. So, too can appointing a representative who isn’t clear about your intentions and has to spend months and numerous dollars from your estate to try to piece things together. One of the best things you can do for your family is to provide them with a roadmap.

Your loved ones have plenty to think about after you pass away. Don’t add to the confusion and grief by making it hard to find:

  • Important documents like your will
  • Contact information for your lawyer and other professionals
  • Passwords or digital account close-out details

Store these items in a fireproof box in a place where at least once family member knows to look. Are you ready to work through your options and leave behind a legacy that impacts your family for generations to come? If so, now is the time to schedule a meeting with an estate planning team that can help you to accomplish your goals and plans your way rather than leaving it up to the courts.

From asset protection planning to Medicaid planning to business succession planning and more, our firm works with you to create an individualized plan that serves your needs.

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