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Commonly applied estate planning excuses

On Behalf of | Nov 4, 2020 | Blog |

The state of Washington has many successful people who have earned and acquired significant assets of value over time. However, many family providers mistakenly ignore the benefits of a sound estate plan. Instead of protecting your assets and ensuring a fair and equitable dispersal among those who count the most, your precious financial assets and property might wind up in the wrong hands. The following are some of the most commonly used excuses for skipping an estate plan and the potential consequences.

Family can handle mostly minimal assets

The biggest estate planning mistake most people make is thinking they do not have enough assets to bother creating an estate plan. What little they do have, they mistakenly think surviving family members will dispense in a wise and equitable fashion. Many people and especially heads of households have more assets than they realize. A homeowner already owns a significantly valuable asset and likely has one or more cars. Retirement accounts, life insurance policies and other assets also add up to significant assets that need protection.

Will never need help while living

Many people overlook the possibility that they might suffer an accident or illness that renders them incapable of providing for themselves. That could trigger a run on assets by others while leaving you financially vulnerable. An estate plan can control your assets and ensure proper distributions to maintain your standard of living and your family’s, too.

Death ends all problems

While passing on ends an individual’s particular concerns, the surviving family members might find their concerns rising rapidly. The already emotional toll of losing a loved one can compound internal fights over assets distributions and who controls what. Instead of a relatively quick and simple dispersal of assets in accordance with your estate plan, family members and others could wind up dragging out events in court.

No matter the size of your estate, making plans ahead of time will help provide for you and your family should the unexpected happen. An experienced estate law attorney in the greater Seattle area may help ensure that you have a sound plan for controlling your assets while living and passing them on upon death.