5 Reasons you should NOT have an estate plan

By Paul B. Owens

Most Estate Planning Attorneys are always telling you why you MUST have an Estate plan. Well, I want to tell you why you should NOT have an estate plan.

1. You really like that your hard-earned money is going to lawyers and Court costs.

If you don’t get an estate plan done by a qualified attorney, there is a good chance that the online Will that “saved” you a few hundred dollars, will now cost thousands of dollars to fix. Or if you don’t have a Will, the Court will have to appoint an independent attorney to verify your heirs. This independent attorney will be paid by your assets and will most definitely cost more than your average estate plan.

2. You are okay with the government deciding who is going to get your money

Although you might think having the government decide how to distribute your money isn’t as bad as it sounds.

If you don’t have an estate plan, an elected judge is now making decisions for you. This Judge will dictate the level of care you will be receiving and how much will be spent on your ongoing care. Your loved ones can only make recommendations, but the Judge will ultimately decide.

3. You want to make it as difficult as possible for your family when you get sick.

Not having an estate plan will make it challenging for your family. They will have to go through a long waiting period and pay more taxes than you may think. Not having an estate plan guarantees that your assets will have to go through Probate. If you don’t do any planning, this will cause headaches and heartaches for your family. Not having an estate plan will lead to arguments over the type of care you should receive, the location you receive the care, and when to discontinue the care.

4. You think the government is better at deciding how to spend your money.

One of the results of letting the government decide how to spend your money is that the government may receive a more significant portion of your money than you had anticipated. If you try to gift your assets while you are living, this could lead to a gift tax that is substantially more than if someone inherited the same asset.

5. And you really like to see your family fight.

The main reason to have an estate plan is to make sure to you avoid conflict within your family. When there isn’t a good estate plan in place, family members will have to go through a long waiting period because of Probate or contested litigation based upon disagreements. This can be avoided when you place a trusted person in charge of your estate.

You may think you are saving time and a few bucks by not reaching out to an attorney to create an estate plan. But in reality, you will be wasting more time and money by not doing so. Although we don’t know what life situations could happen, having an estate plan will avoid many issues along the way. Creating an estate plan will save you money, time, and family stress.