Burlington estate planning attorneys help you to create a plan to take control over your legacy. It is important that you have a plan in place so if you do not already, you should talk with an experienced attorney today at The Law Offices of James A. Miller, P.C. about your options for planning ahead for what could happen after you pass away.
If you do not put a plan in place, you could lose the opportunity to control your legacy. You could also put your loved ones in a difficult situation and increase the chances of your family fighting and of costs being incurred. You don’t want to take a risk of not having a plan that protects your assets and loved ones, so call The Law Offices of James A. Miller, P.C. today to put your plans in place now.
What if You Die Without An Estate Plan?
If you pass away without an estate plan, intestacy law will determine who inherits your wealth. You will not get the opportunity to dictate who should inherit your money and your property. The intestacy laws are aimed at making sure that close family members like spouses and children are able to inherit wealth. However, you may have specific preferences for what should happen to your wealth and you will lose the chance to express those preferences if you haven’t put your plans in place.
Not only will you give up the chance to determine who should inherit your money and property by not making an estate plan, but you also will not be able to address what should happen to family heirlooms and important meaningful possessions that you might like to leave to a particular person in your life. You could significantly increase the chances of your family fighting, both over your heirlooms and over the bulk of your estate. You don’t want to be responsible for disagreements arising that could leave your surviving loved ones not talking to each other and that could cause a breakdown of family bonds.
If family fighting occurs because you did not make a plan for the effective transfer of your wealth, the probate process could take much longer and could cost much more, which would again impact your ability to leave a legacy behind. You don’t want a substantial amount of your wealth to be lost because your loved ones are fighting over what you have left behind so you need to be sure that you have made your preferences known.
By not making an estate plan, you also lose out on the chance to take steps to help avoid estate tax if you have a larger estate. This could result in even further financial loss, hurting your ability to leave a legacy to your loved ones again. There are different tools that you can use to protect your wealth from being lost due to estate tax, but all require advanced planning to keep your assets safe.
You also lose the opportunity to take more control over an inheritance, which can be especially important if a minor inherits. If you did not make plans for how an underaged child in your life would inherit, the court will appoint a guardian and the court could be an intrusive presence as the guardian manages the child’s money. Then, the money will likely transfer automatically to the child at 18 with no strings attached, even if the child isn’t yet ready to responsibly manage money.
Finally, by not making an estate plan, you lose the chance to facilitate the transfer of any of your assets outside of the probate process. If your loved ones are counting on an inheritance, they will have to wait a long period of time until the probate process is over before they will actually receive the money and property that intestacy law says they are entitled to. If you were the primary breadwinner and you were hoping that an inheritance would help to provide for your dependents, not making an estate plan is setting your loved ones up for a disaster.
Getting Help from Burlington Estate Planning Attorneys
Burlington estate planning attorneys at The Law Offices of James A. Miller, P.C. will help you to create an appropriate estate plan based on your current goals, assets and life situation. As your life changes and your plan needs to evolve, we can provide you with the assistance and advice that you need to make appropriate modifications to your plan.
To find out more about the ways in which our legal team can help with your estate planning, join us for a free seminar today. You can also give us a call at 866-370-3888 or contact us online to get personalized advice on what the estate planning process should entail for you.
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