Myth 1: If I don’t have an estate plan, all my money and property will go to the state.
False. While it’s possible, it’s very unlikely that the state will inherit your money and property. This would only happen if you had no living blood relatives. Generally, your assets would first go to a surviving spouse if you’re married, then to your descendants (children or grandchildren), parents, siblings, and their children. Some states even consider aunts, uncles, or cousins. So, unless your entire family predeceases you, the state won’t be the ultimate recipient of your estate.
Even though it’s rare for the state to get your assets, that shouldn’t stop you from planning. You have the power to decide who gets what, when, and how. Don’t let the state make those choices for you.
Question 1: Should I wait to do my estate planning until I know who should get my money and property?
No. You don’t need to have everything figured out before starting your estate plan. We can help you discuss your goals and create a plan that aligns with your wishes. Plus, if your circumstances change, you can always update your will or trust.
Remember, estate planning isn’t just about who gets your assets. It also includes instructions for your medical care and appoints people to make financial and medical decisions if you can’t. If you’re unsure who should make these decisions, we can guide you through the process. And, just like with your assets, you can change your decision-makers as long as you are mentally capable.
Question 2: If the state already has an estate plan for me, why should I bother creating my own? Isn’t the state’s plan good enough?
Relying on the state’s default plan (intestacy laws) is not ideal. The state’s plan distributes your money and property outright to your heirs, without considering any specific wishes you might have. For minors, assets are held by a court-appointed guardian and handed over when they reach adulthood, which might not be the best approach.
If you become incapacitated without an estate plan, a judge will appoint someone—usually a family member—to make decisions for you. This process is time-consuming, expensive, and public, adding unnecessary stress during a crisis.
Leaving your estate to be managed by the state’s plan can lead to family disagreements and legal fees, reducing the assets available to your loved ones or causes you care about. It may also delay the resolution of your affairs, increasing costs.
Creating your own estate plan ensures your wishes are honored and your loved ones are protected. Don’t leave it to chance—take control and make sure your estate is handled the way you want. Call us today to get started.
