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The consequences of not having an estate plan

On Behalf of | Aug 29, 2018 | Estate Planning |

Ideally, an Ohio resident will have all the necessary estate planning documents in order before they pass awat. Without an estate plan, there can be a lot of uncertainty as to what happens to a person’s assets. It can also lead to family infighting, which may result in court battles that take years to resolve. Those battles are funded by money or other assets inside of the estate. The more money paid in attorney fees, the less that goes to heirs.

Interestingly, Frank Sinatra included a clause in his will that disqualified anyone who contested its terms. An estate plan is worth creating regardless of how much money a person has when he or she dies. Those who have an estate plan should review it every few years to ensure that it still meets their needs. Life events such as a birth, marriage or death can also be good times to check over estate plan documents.

The reason why many people don’t create wills or trusts is because they don’t want to think about their own mortality. This is why referencing what happened to Aretha Franklin or Prince can be so important. It provides an opportunity to talk about estate planning in a way that may not feel so morbid or overwhelming to an individual.

Creating a will or trust may reduce the risk of litigation or other legal issues that can plague an estate after a person dies. With a trust, it may be possible to avoid probate altogether. Trusts also allow for assets to be transferred in a private manner, which may further reduce the chances of a legal challenge. An attorney could work with a client to create a plan or review any documents that have already been created.