What Happens if I Don’t Have an Estate Plan?
“Let our advance worrying become advance thinking and planning.”
. .... -Winston Churchill.
Make no mistake, the State has made a plan for you. So, you have a one size fits all plan. The State made choices for you that courts will enforce. Courts will enforce the one size fits all plan in open sessions in full view of your neighbors, your friends, your enemies, and those who may have bad intent.
The State’s plan is most often not the plan desired especially when your circumstances include second marriages, stepchildren, and persons other than natural-born or adopted children. As you would expect with a one size fits all plan, the State may certain assumptions about your circumstances and desires. The farther those assumptions are from your circumstances and desires, the farther the outcome is from what you want.
The State’s plan does not include everything your Estate Plan should. No one knows what kind of medical care you want if you become incapacitated from illness
or accident. Without your guidance, you leave your family, loved ones, medical providers, hospitals making the most difficult decisions guessing what you would have wanted.
If you have an estate of a size that is taxable at your death, lack of an Estate Plan will likely result in your Estate paying the most estate and generation-skipping tax.
Worse, without a plan, your Estate could take longer and cost more to administer. Also, it could be distributed to people you don’t want to have your assets yet or at all.
Worse yet, because your wishes are not clearly described those you love and care about most may argue and dispute with each other about what you would have wanted.
Don’t worry about what will happen to you and your family if incapacity or when death occurs. Plan for those calamities and take the stress away – call Ison Law to set-up an Estate Planning session today!
ISON LAW • 10348 Sawmill Road, Powell, Ohio 43065 • (614) 336-3083 • isonlaw.com