What Are the Consequences of Not Planning My Estate?

Estate Planning Lawyer Melbourne, FL

What Are the Consequences of Not Planning My Estate?Estate planning isn’t reserved for the super wealthy anymore. Even those with modest incomes and assets are urged to create wills. However, many people still put off establishing wills until it’s too late. Don’t let this happen to you. Any estate planning lawyer Melbourne, FL trusts will tell you that failing to create a proper estate plan can negatively affect many people. That is why Arcadier & Associates wants to make this process as easy as possible for you.

Here are some of the consequences of not creating a will:

Your Significant Other Could Lose the Home

If you aren’t married to your significant other but still live with the person, failing to establish a will can create big problems for him or her. If you are the sole owner of the house and die unexpectedly, your partner will have no legal recourse. Estate planning lawyers in Melbourne have seen houses go to parents, children or other relatives instead of the deceased’s significant others in these instances.

The Wrong Person Could Care for Your Children

If you have minor children, it’s especially important for you to have a proper will in place. In the will, you can designate the legal guardian you want to take care of your children if you die unexpectedly. If you don’t do this, the court will decide who will take care of your children. They may choose a person that you don’t want looking after your children. The process can be frightening and stressful for your kids. By working with an experienced Melbourne, FL estate planning lawyer to create your will, you can avoid putting them through this distress.

Your Family Could Get Into Arguments

One of the main purposes of creating a will is designating which assets should go to which heirs. For example, you may want your vacation home to go to your child, your family heirlooms to siblings and so on and so forth. Unfortunately, estate planning lawyers in FL can attest that if you don’t create a will, there’s a chance your family members will fight over your assets. They may have heated disputes in courts and it may be months before anyone gets anything. The last thing you want to see is your family breaking apart, so create a proper will to avoid any fights.

Your Beneficiaries Could Pay More Taxes

Without a will in place, your beneficiaries could end up paying a lot more taxes to the state than necessary. If you take the time to establish a will, you can minimize the amount of taxes your family members have to pay on your estate.

Hiring an Estate Planning Attorney

While it is possible to create a will on your own, it isn’t recommended. A will is quite a complicated document to create, especially if you have a lot of assets. That is why it is in your best interest to work with an experience estate planning attorney from Arcadier & Associates. We can help you create a proper will and ensure all of your wishes are clearly stated in the document. If you hire an estate planning attorney, you can have a piece of mind knowing that your will is valid.

Schedule a free consultation with a reputable estate planning lawyer Melbourne, FL calls first, today to discuss your will.