Consequences of Not Having an Estate Plan

What are the consequences of not having an estate plan in place (i.e., living trust, will)?

If your estate isn't in order, you might not be thinking about what will happen to everything you own—your house, your car, your bank account—after you're gone. It's a harsh reality to have to face, but it's also one that you can take steps toward fixing right now.

Without an estate plan, your remaining family members will have to go through probate court to settle the matter of distributing your property among themselves and any other parties who stand to inherit.

Estate in a Probate Process

Probate process can be expensive and time-consuming enough to leave them with less than they would have had if you'd made provisions ahead of time. The costs add up quickly: probate, attorney, and filing fees for the court. They'll also likely have to pay for appraisals for each asset they're claiming, which can cost thousands of dollars.

Even though assets that pass through probate don't necessarily lose value and can increase as they age (for example, property values tend to grow over time), it can still be a significant burden on the people who inherit from you—especially if there are many heirs or if those heirs live far away from where the property is located.

In the same way that a car needs a road map from point A to point B, your estate plan is your road map for managing and distributing all of your financial assets and possessions after you pass away. If you don't have an estate plan, then the government will make all those decisions for you—and they might not make those decisions in a way that's best for your loved ones or even in a way that reflects your wishes.

Estate Planning Attorney Free Consultation

If you have any questions or in need an Estate Planning Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

We help you with Estate Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More

Parklin Law - Estate Planning

5772 W 8030 S, # N206

West Jordan UT 84081

(801) 618-0699

40.605070, -112.027530

https://parkin-law.business.site/

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

Location: Helper, UT 84526, USA

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