What You Don't Know About Estate Planning Could Cost Your Loved Ones - The Daily Scroll

If youdon’tplan, it may costyourlovedone’s. If you pass away without an estateplan, your assets will be distributed according to state probate laws, without any input as to whatyou would have preferred. Myth 1: Estateplanning is only for wealthy people. The desire to make things easier for lovedones has nothing to do with net worth. Formally documenting your wishes reduces the burden on family members and gives you control. Estateplanning is often overlooked or delayed, but it is a critical step in ensuring that your wealth is protected and passed on as you intend. Whether you are transferring wealth to yourlovedones or receiving it, proper planningcan prevent costly surprises, disputes... Don’t fall for a cheap estateplanning process and don’t do your own planning. If you do, you may end up making serious errors. You should not sacrifice great planning for a supposed money-saving deal which likely won’t work and will costyou or your heirs thousands. DIY EstatePlansCan Be a LOT More Expensive Later. Here’s the kicker: while a DIY estateplan may seem like a cost-effective solution now, it might actually end up costingyour family a lot more money in the long run. WhatYou Do Not KnowaboutEstatePlanningCould Hurt You.At Clarity Legal Group, we consider education not as a prerequisite to starting the planning process but instead as part of the planning itself. Each step of the process will build upon whatyou learned in the prior step. If youdon’tplan, it may costyourlovedone’s.