The Cost of Doing Nothing
Jane came into the office to talk about estate planning. We went over everything and discussed the plan that worked for her. She then decided she wanted to talk it over with her husband. Her husband absolutely refused to do any planning. So, she put her estate planning off.
Fast forward 2 years…
Her daughter calls to inform us that Jane had a stroke. Jane was unable to make decisions anymore. That means that Jane is not capable of signing a power of attorney now.
Her daughter, who lives out of state, is stuck going to court to get a guardianship. A Judge take away Jane’s right to make her own decisions and give her daughter the power to run her life.
Because a guardianship is a court case, the family will lose personal and financial privacy.
The Costs and Consequences
When you don’t plan, you lose control. The State and a Judge can take control of your life. A Judge will oversee your Guardian. Your guardian makes all your personal, healthcare, and legal decisions.
Your family gets an outright inheritance. If they are under 18, the court holds the money until they are 18, then gives it to them outright.
The inheritance will have to go through the ordeal of Probate. Your family will wait 8 to 14 months to get their inheritance. They only get what’s left after all the creditors and the attorney are paid. In Probate, your family will lose privacy. Their names and addresses will be published in the public record. Your basic, and maybe detailed, financial information will be published. People and companies watch these records.
If you have children under 18, you don’t get a voice in who raises them.
With an Effective Estate Plan, All of This can be Avoided
Don’t wait until it’s too late for you and your family.