What Happens if I Do Not Make an Estate Plan?
If you do not make a will and an estate plan, many of your assets may have to be divided up in probate court proceedings. This process can take a while and cause excess stress for your loved ones.
Under most circumstances, your assets will go to your children if you are single. If you have no children, your parents will inherit everything. If your parents are no longer around, your siblings will get everything. If you do not have living siblings, some relative of yours will be found so that they can inherit your assets that did not already have named beneficiaries.
So there are procedures in place that can help determine where your assets go if you pass away without an estate plan, but this is not really an excuse to not have one. The process can still be confusing and stressful for family members. The way your assets are distributed could even clash with your own wishes.
You may have some things that you did not want to pass down to your children, parents, or siblings. Maybe you do want to leave some of your assets for your children but did not plan to give them all an equal share of the estate. These are matters that you no longer get a say in once you have passed away and the probate process has started, so it is wise to plan out everything now.
How Can an Estate Planning Lawyer Help Me?
An attorney from our firm can guide you through every stage of the estate planning process. We can help you:
- Choose who gets the power of attorney
- Change beneficiaries
- Figure out who gets which assets
- Set up trusts
- Plan for a loved one who has special needs
- Write a legally binding will
If you have any questions about the estate planning process, we are ready to answer them.
Set Up an Appointment at Our Firm
Estate planning is an important process, no matter what your marital status is. So if you have assets and you want to be sure that they are passed down to the right people, schedule a consultation with Herting Law, PLLC. We want to hear more about what you want to do for your family, and then we want to assist you.