Jan 12, 2021

Most Everyone Needs A Will Or Estate Plan

It is very surprising that many Americans do not have a will or estate plan, which should include medical directives in the event someone ends up incapacitated.  While this may not be as important for young single people who own little, it is critical for all people once they buy a home and or start having children.  Sadly, perfectly healthy people can die unexpectedly in accidents.  And or, not everybody lives to be 90.  People die all the time from cancer and other chronic diseases.  Dying without a will is dying Intestate.  That means that since there is no will, it usually requires going to court to have a judge determine the line of succession for purposes of inheritance and guardianship of children.  In addition to unnecessary attorneys fees that will be required, this process can take a year or much longer in cases of complex estates.   

In addition, if two parents are killed in a accident and there are remaining children; but no guardians named,  a legal battle could ensue as family members fight over guardianship, particularly if the kids come with an inheritance.  This situation could get ugly and is completely avoidable by putting a will or estate plan in place.  When naming guardians, it is important to get their approval so that they know that they are named in the event something happens to both parents.  Finally, when someone enters a hospital after asking for insurance and credit cards,  they will ask for medical directives.  These directives indicate whether someone would want to be kept on life support and or when to pull the plug. 

A simple will may cost a few hundred dollars in legal fees to put in place with medical directives.  A complex estate plan could cost several thousand dollars in legal fees; but it is the best way to implement the transfer of assets to the degree possible tax free for most people.   If you don't have a will and or estate plan, the time is now to get it done.  No one knows for sure when he or she will die, but one thing is certain, we all will die.  The only question is when.   If you need help finding an estate attorney, just contact Paragon Home Resources for a referral in your area.