2 Reasons Why Ignoring Estate Planning Is A Mistake
Death is a topic that few are comfortable thinking about. This is why many people leave their families unprepared to handle issues such as inheritance, taxes, debt, and asset management.
Keeping busy with pressing life issues seems like a good enough excuse to ignore estate planning, but below are a couple of consequences that arise from ignoring your legal and financial planning responsibilities.
Planning Ahead Prevents Fighting Among Family Members
Death is an event that often brings up heightened emotions. It’s common for fights and other disruptions to occur, even among otherwise emotionally health family members. If the family structure was already dysfunctional, and if there were divisions among surviving family members, then the fights will become more frequent and intense.
Worse, surviving family members might find themselves on the other end of lawsuits that are designed to block them from their rightful inheritance of property or money. It’s very common for families to use the court system to play out their internal resentments and grievances.
Proper Estate Planning Honors the Wishes of the Deceased
Another common issue that arises in estate law is the discovery that the deceased doesn’t want to leave their assets to family members. Sometimes, it’s the wishes of the deceased for certain family members to be left out of their inheritance. In some cases, the deceased would rather assign their assets to charitable causes instead of assigning these to family.
The first line of defending one’s wishes after they die is for them to have a will drafted while they’re still alive. The process of having a will drafted will allow for them to have full participation in making sure that their wishes are honored and respected, regardless of who disagrees.
Planning Prevents Your Mourning Family from Hashing Things Out
Regardless of your current family dynamic, none of the survivors want to be responsible for interpreting your final wishes. You can avoid adding more stress and drama to family relationships by reaching to an estate planning attorney Las Vegas.