While estate planning can be an uncomfortable topic, not having a plan in place can leave your family and your legacy in an even more difficult situation. Surprisingly, many intelligent, wealthy and otherwise well-advised individuals put estate planning off or simply ignore it to their detriment. It is never too early to begin planning because there are plenty of potential life events – untimely death, accidents, dementia or injury – that could leave your loved ones confused and worried about what to do because there was no plan in place.
Without your own plan, you may not realize it, the government has an estate plan already prepared for you. The process is called intestate succession. In addition to being expensive, public, and cumbersome, this process may ignore important needs, such as designating a proper guardian for your minor children who you may have not chosen yourself.