Putting off estate planning is very much the norm here in the United States. While all adults should put one in place as soon as they legally can, statistics show that most people do not. There are vast numbers of people in every decade of life who still do not have any kind of estate plan in place. According to one source, a mere 45% of eligible adults have actually made one.
You might think that if others seem to be fine with not having an estate plan, then maybe you have nothing to worry about if you also don’t. Here are some of the things that could go wrong if you do not do your estate planning.
1. Your children could be placed in strange hands
Let’s say that you are a parent of minor children, and your sister knows that you would want her to bring up your children if you were to die before they reach adulthood. You know that, she knows that =– and maybe others in the family also do. But that won’t necessarily be what happens in the event of a tragedy, unless you put that election in writing. If you don’t, it will be up to a court to decide who takes guardianship of your children, and while they might choose your sister, they might not.
2. Your possessions could go to people you don’t want to have them
If you die without a plan in place, it is known as dying “intestate.” When that happens, a court will distribute your assets according to state intestacy laws. The results might be very different from what you want.
3. You could receive medical treatment you don’t want
You always remember the day you visited a dying relative in the hospital. You felt pity for them being artificially kept alive, and swore that you would rather just let go of life when your time is up without undue medical interference. You can make such choices clear in your estate plan; otherwise, others may make those choices for you.
Estate planning guidance is available if you are unsure how to start.