If you do not have an estate plan, your family does not have any guidance when you pass away. They do not know what you wanted to happen to your assets or how you wanted them to be distributed. If you need end-of-life care, they do not know who you want to authorize certain medical decisions or what choices you would have made.
In all of these areas, the lack of planning can increase the odds of disputes between family members. Beneficiaries may get into conflicts over who should receive certain assets or how your property should be split up. There may also be conflicts about who should make your medical decisions or what would really be in your best interests.
One of the easiest ways to avoid these disputes and give your family clarity is to make a plan in advance.
Most Americans do not have an estate plan
Unfortunately, the reality is that roughly two-thirds of Americans have not made an estate plan yet. When polled, most Americans do say that estate planning is important and necessary, but they still do not have a plan.
One of the top reasons why this happens is that people procrastinate and say they’ll make an estate plan “in the future.” But that is always a risk. If you pass away unexpectedly, you may not have gotten around to making your estate plan, and you could put your family in a position where conflicts and disputes are likely.
As such, it is important to carefully consider all of your estate planning options well in advance. It can be helpful to work with an experienced attorney while getting your plan in place.