Latest statistics show about 50% of adults in the U.S. don’t have a will. Reasons abound for that. I think most, if not all, are under the impression that by doing nothing, well, they aren’t really doing anything related to estate planning. But in fact, by taking no action, if they don’t take steps to correct the situation, they will have actually caused something to happen. A number of “somethings”. Here is a short list of the consequences of not “getting your ducks in a row” before you have a serious medical situation or, tragically, die.
You Didn’t Make Out A Will – here’s what happens
It’s called “dying intestate” which means the state in which you lived calls all the shots on who gets what of your assets. Maybe deciding to give your worldly goods to relatives you’ve not spoken to in decades. That’s the direct result of your decision to do nothing about a will.
You Didn’t Have a Living Will – here what can happen
A living will is a legal document everyone, young and old, should have. It communicates to healthcare providers and family members what you want in the event you are incapacitated and cannot communicate your wishes directly, specifically in situations where it is not likely you will live unless extraordinary steps are taken, like life-support treatments. Hospitals coast to coast are the site of many emotional family dramas everyday as relatives argue about the appropriate course of action. In fact, if family members cannot agree, and you didn’t create a living will stating your wishes, it may be taken to a court for a judge to decide. Not to be crude but it can come down to the “pull the plug or not” decision. Is that the situation you want your family to be in if something happens to you? I’m betting not.
You Didn’t Update Beneficiaries
If you have investments and insurance policies you have beneficiaries named for each. That said, when was the last time you reviewed your beneficiary selections? They may be the same as you would choose today. Great. But what if you named a charity that has since come under scrutiny for tax fraud? Or maybe it was your brother with whom you had a major argument years ago and haven’t seen him since. Your lack of action can result in windfalls you may no longer wish to happen.
Engaging the services of an experienced estate planning attorney is not only a very smart thing to do, it’s a loving thing to do. Don’t leave your family in a lurch about what you might have wanted … whether you are incapacitated and there are medical decisions to be made or if you have passed and funeral arrangements need to be made. Why burden them with any of that? I’m guessing you know if you want your life maintained at all costs, or not. And if you want a traditional funeral or a simple cremation without a service. Your estate plan documents can document all of that and more. I would be happy to help you get all of documented in legally accepted ways that will guide your family, protect your assets and most important, show your heirs how much you love them and want to spare them as much as possible.
Give me a call at 513-399-7526 or visit my website www.davidlefton.com for more information.