The Elder and Disability Law Firm, APC
Ways You Can Lose Your Estate
You already know how you want your assets distributed and you have even discussed it with your heirs, but discussing it doesn't make it legal. If you don't create an estate plan, your heirs are free to do what they will, but also they fall victim to taxes, government fees, etc.
If you're putting off estate planning, you should consider these common ways you'll lose most - if not all - of your estate.
If you die without a will or you don't name an executor in your will, the court will have to decide who will administer your estate and where that estate will go to. While often this is the same heirs you intended, there are times where it could not work in your favor. For example, an irresponsible child inheriting your business.
Without an appropriate estate plan, you won't have a contingency plan in place for estate finances. These can include executor fees, court fees and paying creditors. For your beneficiaries, this means they could lose a significant portion of their inheritance to these fees - if not all of it.
Probate may be court-ordered, but it's not court-funded. Your estate and your loved ones will be liable for the costs associated with probate, which can include, but are not limited to:
- Court fees
- Attorney fees
- Filing fees
You can protect your loved ones and your estate by creating an estate plan. An estate plan addresses all of these costs and helps prevent your estate from significant losses.