Estate Planning

The Devastating Effects Of Not Having A Legal Plan In Place

It is scary to think about, but you need to know the truth...

Without an Estate Plan, your loved ones could face devastating consequences. Imagine your assets tied up in Probate Court for months or years, draining your estate's value and causing financial hardship for your heirs. A disabled child might be left without the support they need, potentially losing essential government benefits.

In blended families, the absence of a clear plan can lead to fierce disputes, leaving your new spouse worried about being deprived of assets meant for her and her children. If you become incapacitated without a designated decision-maker, the wrong person could gain control over your finances, leading to potential misuse and exploitation.

Family members might battle for control, fracturing relationships and wasting resources. Without specific instructions, unintended heirs could inherit your assets, undermining your true intentions. In the case of minor children, an ex-spouse could seize control of their inheritance, jeopardizing their financial future.

Choosing not to appoint a guardian means a court could decide who raises your children, which might not align with your wishes or values. You risk losing your home to creditors or unexpected property tax hikes that could force your family out. If the financially responsible spouse becomes incapacitated or dies without a plan, the surviving spouse could be left without guidance, facing overwhelming financial uncertainty.

These are just a few reasons why everyone needs an Estate Plan.

What is in an Estate Plan?

An Estate Plan typically includes legal documents such as a Will, which outlines how your assets should be distributed after your death. It may also encompass documents like a Living Trust, Powers of Attorney, and Advance Healthcare Directives, which detail your wishes regarding healthcare and financial decisions in case of incapacity. These documents collectively ensure that your assets are managed and distributed according to your wishes, and that your healthcare and financial affairs are handled appropriately during your lifetime and after your death.

WILLS

Specify how you want your assets distributed after your death. They allow you to name beneficiaries, designate guardians for minor children, and appoint an executor to manage your estate.

TRUSTS

Allow you to manage and protect your assets from probate by transferring them to a trustee, who holds and manages them for your beneficiaries according to your specified terms.

POWERS OF ATTORNEY

Authorize someone to make decisions on your behalf in regard to finances or medical decisions if you become incapacitated.

healthcare directives

Specify your medical treatment preferences and designate someone to make healthcare decisions on your behalf if you become unable to do so.

An Estate Plan may also include business assignments to transfer business interests, Quitclaim Deeds or Ladybird Deeds, ensuring comprehensive coverage for your unique situation.

Not All Estate Plans Are Created Equal!

Families end up in Probate Court every day that had a "plan" in place. Many details, such as simply executing the plan, may be left incomplete and may cause significant issues. Another common issue is having a Trust but not transferring the assets into that Trust, or not having a succession plan for a business.

Depending on your unique situation, there may be many potential pitfalls that could send your assets and family to Probate Court, even with a "plan". It can be a bit like walking on a tight rope to ensure that everything is thought of and legally binding. That's why you need an EXPERT Estate Planning attorney to help you craft your documents, which is exactly what LADIES IN LAW® is here to do for you.

Your Legacy Plan with LADIES IN LAW®

We at LADIES IN LAW® call our Estate Plans "Legacy Plans", because they are created to preserve your legacy and keep it out of Probate Court! We will personalize your documents so you get exactly what you need without having to pay for stuff that you don't need. Your documents will be legally binding and ensure you set the rules for your Legacy instead of the State or the court deciding for you.

Ready to Get Your Own Legacy Plan?

Let us help you create your Legacy Plan, custom tailored to fit your every need and keep your assets and your family out of Probate Court! Start the process by clicking the button below and scheduling a FREE CONSULTATION to discuss your situation with one of our specialized attorneys!