Estate Planning - Beyond the Basics

Why Do We Need Wills?

Many clients ask, ‘why do I need a will?’ There are many reasons people are hesitant to write their will. The decision to put off this important task can stem from a variety of reasons. Some of the more popular ‘excuses’ are: Prohibitive cost Fear or discomfort discussing death Procrastination Tangibility

Effect of Not Having a Will

So, what are the effects of not having a proper estate plan in place? These can vary depending on individual circumstances, however some of the issues include:

• Inappropriate distribution of assets
• Guardianship issues
• Inheritance at 18, no trust provisions
• No funeral instructions
• Confusion regarding executors/no choice of executors
• Probate (tax) of assets which could have been excluded with proper planning
• Greater time and expense (legal, etc.)
• Peace of mind jeopardized