Did you know that unfortunately when it comes to estate planning, many people fall into the trap of thinking they have plenty of time to take care of it? However, putting off this important task may cause serious unintended consequences for you and your loved ones. We want you to understand the risks of procrastinating in the creation of your estate plan to yourself and to your loved ones.
When you procrastinate in your estate planning you not only leave your future uncertain, you also leave your family in a vulnerable position. You need to be aware that without a well-structured estate plan, your loved ones may run the risk of facing significant legal and financial hurdles during an already stressful time. By being proactive and creating or updating your estate plan with an experienced Florida estate planning attorney you will be able to avoid these potential risks and know that your family’s future is secure. Here are a few risks that could occur when you are not prepared with an estate plan that we share with our clients, friends, and colleagues, and now you.
- There is always a risk of unexpected accidents. As everyone will agree, life is unpredictable, and accidents can happen at any time. If there is no estate plan in place, you risk leaving your family unprepared to handle your affairs, leading to confusion and potential legal battles. This uncertainty can of course be avoided by having clear directives in place beforehand.
- No decision makers with legal authority leave you at risk. A good estate plan will include a power of attorney. If you become incapacitated without having designated a power of attorney, there will be no one with the legal authority to make decisions on your behalf. You now run the risk of having delays in your medical care and financial decisions, thus adding stress to an already difficult situation. Therefore, appointing a trusted person as your decision-maker ensures timely and appropriate actions.
- You are at risk of losing your business. Are you a business owner? If the answer is yes, then an estate plan is crucial to ensuring the continuity of your business. Without clear instructions, your business may run the risk of suffering or even failing as your family or business partners struggle to manage it in your absence. Protecting your business with a succession plan secures its future and the livelihood of those who depend on it.
- You run the risk of having delays in action due to the court system. You need to know that when there is no estate plan, your loved ones may have to wait for the court to appoint a guardian or executor, which can take time. This delay may stop any immediate and necessary actions, complicating the management of your estate and care. A comprehensive estate plan can streamline the process and avoid any costly delays.
- You run the risk of causing unnecessary family friction. With the lack of a clear estate plan for grief stricken family members, there is a risk of disagreements and conflicts occurring among family members. These disputes may lead to prolonged legal conflicts and strained relationships, making an already difficult time even harder. That is exactly why clear instructions in your estate plan can help preserve family harmony during challenging times.
- There is a risk when you have not planned for the future of your minor children. Do you have minor children? If you do and you have not named a guardian in your estate plan, then you run the risk that the court will decide who will take care of them. Sadly, the decision of the court may not align with your wishes, causing additional distress for your children. Avoid the risk of not planning for the future of your children, instead be sure their future is planned and provide stability and peace of mind to your family.
We know this article may raise more questions than it answers. At Perlin Estate Planning & Probate our credentials enable us to provide a multi-disciplinary approach to our legal services. By building relationships with our clients, we are also able to understand each client’s needs and desires, and we support such goals through thoughtful, comprehensive planning techniques. We encourage you to contact us and schedule a meeting.