What Happens If You Do Not Have An Estate Plan?
As the saying goes, if you fail to plan you plan to fail. When it comes to the property you have worked your whole life to acquire, failing to plan can create conflict, confusion, and costly legal disputes that require court resolution. Although you may want to do almost anything else other than plan for your estate, failing to do so can create real issues for you and your loved ones. Below, our Daytona Beach estate planning lawyer outlines five consequences for those without a plan.
The Law Determines Who Receives Your Property
If you pass away and have not drafted a will or trust, you will not have a say in who receives your property after you are gone. Instead, the intestacy laws in Florida will dictate this. The manner in which your property is distributed under the law may not align with your wishes. Stepchildren, unmarried partners, close friends, and charities you wanted to leave property to may not receive anything at all.
Potential Disputes Among Family Members
Nothing brings out conflict like grief and money combined. If you do not leave clear instructions, your loved ones may end up fighting over heirlooms or other assets, and they may disagree about who should take control. These disagreements can become ruptures in the family. This is not only damaging to the personal relationships, but it is also costly and can diminish the assets left in your estate.
Probate Can Become an Issue
Without an estate plan, all of your property will be subject to the probate process. This can be expensive and time-consuming. The details of your estate will also become public record. By properly preparing an estate plan, you can simplify the process for your loved ones or help them avoid it altogether. This can save your loved ones from months, or even years, of legal issues.
Your Loved Ones Will Not Know Your Wishes
Estate planning is not just about planning for your property. It is also about making your wishes for end-of-life and other medical decisions known to your family. Without a healthcare directive, power of attorney, or a living will, your loved ones may have to make very difficult decisions without fully understanding your wishes.
Your Children May Not Be Protected
If you have a minor child and have not designated a guardian for them, a court will determine who will raise them if you pass away or become incapacitated. The person chosen by the court may not align with the person you would have selected, leaving your children to feel increased uncertainty at a time when they need stability the most.
Our Estate Planning Lawyer in Daytona Beach Can Help You Avoid These Consequences
Drafting an estate plan does not have to be overwhelming, but failing to can be for you and your loved ones. At Bundza & Rodriguez, our Daytona Beach estate planning lawyer can review your goals with you, execute your documents properly, and help you provide the protection for you and your family. Call us now at 386-252-5170 or contact us online to schedule a consultation with our experienced attorney.
Source:
leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0700-0799/0732/0732.html
