Everyday life is full of stress and distractions that take up most of people’s time and energy. However, it’s vitally important to take some time to prepare for the future.
While it may not be the most positive subject, preparing an estate plan can have substantial effects on family and loved ones after an agent’s passing. Currently, approximately 55% of adults in the United States do not have a will or any other plan in place. Here are a few reasons to work closely with an estate planning attorney to ensure all assets are handled properly, and to avoid the pitfalls that those with no plan will face:
- Becoming incapacitated: Even though there have been substantial leaps in the medical field in recent years, there are many conditions that can leave people in mental states where they are unable to make sound decisions. Designating a power of attorney can name an individual, whether it be an estate planning attorney or just a trusted acquaintance, who has the ability to make decisions on the agents behalf in a multitude of situations.
Because many of these cases involve medical problems, an estimated 38% of adults have a healthcare power of attorney so another person can continue making healthcare decisions for them. - Minimize discord among beneficiaries: With large assets, including property and finances left behind after passing, family members may end up arguing over where these assets end up. With an estate planning attorney having a set designation for them, this legally binds whatever destination the agent chooses.
- Avoid Probate: Even if loved ones don’t find themselves in a disagreement over the leftover assets, without any sort of estate planning documents, these matters will be taken to a probate court. In these situations, a court and probate attorney will decide the fate of the assets through extensive proceedings.
Besides costing money from the assets to cover court and lawyer fees, according to the Wisconsin State Bar, a complicated will may keep a family tied up in court for over two years of probate. Even simple cases usually take at least six months to resolve.
After a lifetime of hard work, it seems only fair that people should have a say in what happens to their belongings.