Top 5 Dangers of Ignoring Estate Planning

If you do not have a will at the time you pass away and you have been living in Virginia, the State of Virginia will decide what happens to your assets and children. The problem with letting the state decide your estate plan for you includes:
 
1. The state, with no input from you, will decide who is best capable of becoming the guardian of your children. It may not be the person you would have chosen.

2. If you are incapacitated and can’t speak for yourself, you lose the ability to convey your wishes to doctors and hospitals. They may make decisions that you oppose.
 

3. There may be added expenses in the administration of your estate that will take away from the total your family will receive. Certain provisions in a will can minimize the amount of your estate that will go to administration costs rather than to your loved ones.
 

4. The value of your entire estate could be released to your children when they turn 18, an age at which they might not be best suited to handle the responsibility. Having a will can allow you to set the age and terms upon which the remainder of your estate gets turned over to your children.
 

5. There may possibly be delays and added expenses in making financial decisions and paying bills that will add unnecessary stress to the family members that survive you. They may have a very difficult time paying bills, selling assets and otherwise taking care of business.