What you don’t know about estate planning CAN hurt you!

People tend to think estate planning is only for the elderly or for those who have accumulated wealth and assets. This is far from the truth — estate planning is for everyone.

A quick case study:
A young couple with two young children where the parents are unexpectedly involved in a fatality. They have no estate planning documents. During a time of great tragedy, difficult decisions will need to be made but without any guidance. Here are some outcomes:
  • LACK OF DIRECTION: If there are no health care directivesto tell the survivors their funeral wishes or whether they wanted to be organ donors, the family will have to make all the decisions in a time of crisis.
  • UNCERTAINTY: If there is no designation of a guardian for the children, the person who gets to court first tells the judge who to pick if the children need to be placed.
  • EXPENSE: Each parent’s estate will have to go through probate. This doubles expenses. Any assets left by the parents will go to the children and set aside for them in blocked accounts until they turn 18. To access the funds for them, the guardians will need a court order (another legal process).
  • The purpose of Estate Planning is to provide a smooth, efficient and correct transition of an estate, big or small, at any age. Take the time to plan and protect your family and your assets by contacting Seasons Law, P.C. at (916) 786 – 7515 and scheduling an initial consultation.

    What you don’t know about estate planning CAN hurt you! was last modified: June 19th, 2020 by Seasons Law, P.C.

    contact us

      Share this post