What are the consequences of avoiding your estate plan?

| Apr 30, 2020 | Estate Planning |

If you do not look forward to working on your estate plan, then you are not alone. Unfortunately, if you do not pay any mind to your estate plan, your legacy could be beyond your control. You will not have the control over your assets to choose how the state divides your estate. 

There is no control in your assets after you pass away and your wishes may be far from honored. Therefore, it is crucial to update and to focus on your estate plan. If you avoid your estate plan, according to Huffington Post, your family will be unprepared. 

Your family will pay in probate costs 

After you die, you may want to leave money and assets to your loved ones, not force them to spend more money on probate costs. The cost of probate court is significant. For instance, if you have a $1,000,000 estate, your loved ones may have to pay upwards of $40,000. Family members may have to deal with legal fees and other costs associated with probate. If you had an estate plan to avoid said costs, your family could enjoy the benefits without the cost. 

You family will have to go to court 

Do you want your family to go to probate court? If you have a trust, then your family can avoid the time that it takes to go through probate. Additionally, if you have assets in multiple states, then your loved ones will not have to go through several probate courts for all your assets. For instance, if you have a vacation home in one state and your primary residence in another, different courts may split those assets.