Avoid the High Cost of Bad Estate Planning
Many people procrastinate when it comes to estate planning. Some people don’t want to think about their own mortality, while others just feel they don’t have enough assets to warrant the cost. Then there are the ‘do-it-yourselfers’ who use inexpensive legal websites or mistake Google for a qualified estate planning adviser. What people don’t realize is that bad estate planning can cost them.
What are the consequences of hiring an unqualified attorney or trying to do your own estate planning?
- Time and money spent in the courtroom. Inadequate planning or incorrect documents may lead to your heirs spending a lot of time in courtrooms – and a lot of money on legal fees. But courtroom battles like this don’t just cost money. They can be toxic to family relationships, with enmity and hurt feelings lasting for years.
- Estate loses value. Without properly developed and executed plans, estate assets may lose value due to negligence or malfeasance.
- Paying too much tax. Good estate plans address tax issues, not just to the estate but also to the beneficiaries.
- Trouble with trusts. Setting up a trust may seem like a good idea. But using the wrong type of trust or failing to fund it can cause lasting damage to your estate, both during your lifetime and after you’re gone.
- Good intentions gone wrong. Vague promises of “I’ll do the right thing” can never take the place of proper estate planning advice from a qualified attorney. Even trusted friends and family members need the structure and guidance of thoughtfully prepared legal documents.
- Conservatorships/guardianships. Without the right long-term care planning and medical directives, your loved ones may have to go to court to set up a conservatorship or guardianship to address your needs. Does your family really need the added stress and expense at an already difficult time? You may be able to spare them with a little advanced planning.
- Failing to do any estate planning at all. It may seem like a great cost-saving measure to just ignore estate planning and figuratively let the chips fall where they may. That’s short-term thinking. In the long run, probate and will contests can cost far more than the cost of pre-emptive planning.
Imagine leaving a legacy of wealth and contentment instead of infighting, estrangements, and financial loss. Good estate planning is the key. Consider it an investment in your future. With the help of an expert adviser, you can put together a life care strategy that provides important returns to you and your beneficiaries for generations to come.
As a Florida attorney board certified in Wills, Trusts & Estates, Attorney John Mangan offers comprehensive and effective estate planning to his clients. To schedule an appointment, call us at 772-324-9050 or fill out our Contact Form. Our office is conveniently located in Palm City, Florida.