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Don't make this serious estate planning mistake

People are busier than ever these days. Between working, taking vacations, caring for your kids and grandkids, staying in touch with friends and managing the tasks of your daily life, it can be all but impossible to think about the distant future. After all, you may not even know what you're doing next weekend.

However, this failure to plan for the future can be detrimental for you and your loved ones if you get sick or pass away without a will or living trust in place. And unfortunately, according to a recent study, about 58 percent of people in the U.S. are in this group. Not having a will or living trust could be the biggest mistake you are making in terms of planning for the future.

Without a will, decisions regarding your estate and assets will be made by courts. An estranged sibling could wind up with some of your most prized possessions; your long-term partner could be left without the financial support you intended to provide; grieving loved ones will have to make incredibly hard decisions about the funeral without knowing for sure what you would have wanted.

It's also important to note that you don't have to be of retirement age to create a will or estate plan. Anyone who is married, has kids, has accumulated debts or assets, or has specific wishes regarding their financial and healthcare needs can benefit from estate planning.

Your estate plan doesn't have to be complicated, either. In fact, you might only care about a few things right away, like guardianship of your children and distribution of your assets to certain beneficiaries. Over time, you might decide to make changes or utilize more sophisticated planning tools, but you certainly don't have to start off with all that.

With these considerations in mind, we hope that readers without a will or estate plan can see the value in making the decision to change this. It might seem unnecessary or uncomfortable, but once all is said and done, having a will in place can be of great relief to you and your loved ones.

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Law Office of Jeffrey B. Pape, P.C.
642 Pollasky Avenue
Suite 100
Clovis, CA 93612

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Fax: 559-299-0920
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