Some people put off estate planning because they don’t want to think about death or feel they don’t have enough property to bother with. Others pay the lowest fee possible, either by hiring an inexperienced attorney or buying forms from an estate planning website. While it may seem like winning to save a little money in the short term, it may really turn out to cost you more in the end.
Likely Consequences Of Bad Estate Planning
When estate planning goes wrong, some of the following things may happen:
- Long courtroom battles. Bad estate planning could lead to your heirs spending a lot of time in courtrooms – and a lot of money on court costs. Even worse, situations like this can also be toxic to relationships, with hurt feelings and family feuds lasting for years.
- Lost value. Estate assets may decrease in value due to negligence or theft. Without a good plan, even a competent executor may have trouble locating, managing, and disbursing your assets.
- Unnecessary estate tax. Advanced planning on your part could reduce or eliminate estate taxes, leaving more of the good stuff to your heirs.
- Not using trusts. Failing to recognize that a trust is needed, or using the wrong trust, can really hurt the financial health of your estate.
- Court-ordered conservatorships or guardianships. With the right preparations, you may be able to spare your loved ones the expense of a guardianship or conservatorship. Without that plan, your family may have to go to court to address your basic needs.
- Good intentions, bad return. Trusting vague promises to “do the right thing” will not take the place of effective advice from a qualified Arizona attorney and carefully prepared legal documents.
The Worst Estate Planning?
No planning at all!
It may seem like a great cost-saving measure to just ignore the future and figuratively let the chips fall where they may. That’s short-term thinking. In the end, probate, estate taxes, and Will contests can cost far more than the cost of preemptive planning.
Good Estate Planning Is The Key
Imagine leaving a legacy of wealth instead of family feuds and financial loss. With the help of a trusted adviser, you can protect you and your beneficiaries for generations to come.
To discuss your estate planning concerns, call us at (480) 418-8448 or check out one of our free seminars. We offer services for clients throughout Arizona, including Chandler, Gilbert, Sun Lakes, Tempe, Phoenix, Mesa, Scottsdale, and Apache Junction.
