Becoming a parent can be overwhelming. You take care of the most urgent tasks and keep pushing everything else to the bottom of your list.
Maybe you pushed Estate Planning to the bottom of your to-do list too? If you haven't gotten to it yet, our friends at Althaus Law can help get this off your list!
Estate Planning sounds big and scary, but it's an important way to ensure everything is in order if the worst were to happen.
After reading through the list below, I think you'll agree it's scarier to think about what might happen if you DON'T have this planning in place. 🤯
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10 Things You Can Avoid With Estate Planning
Jeff Althaus shared this list of 10 Things That Could Happen Without Estate Planning:
1. PROBATE!
Your family will have to go to court to settle your estate.
2. Extra costs.
The probate process could cost your family tens of thousands of dollars.
3. Extra stress for your grieving loved ones.
They'll be dealing with court proceedings and paperwork and won't have time to mourn the way they'll need to.
4. Fights.
Without a plan, no one will know your wishes. This can lead to fights over the tiniest things and cause family riffs that last for years.
5. You don't decide where your stuff goes.
If you don't write your own will or trust, the state decides where all of your things go.
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6. The state will be paid from your estate.
Without a plan, a judge has to pay the state to administer the estate.
7. Strangers could manage your assets while you are still alive!
Medical and Financial Power of Attorney documents are mandatory in Colorado. If you don't have these documents, the state writes them for you and these hearings can cost more than $10,000! The court will also appoint professionals to manage your finances and your medical decisions should you become incapacitated. This includes Alzheimer's, car accidents, comas, and any other loss of capacity.
8. Creditors can make claims on a probated Estate.
Creditors have a much easier chance of coming after your assets once they are in probate. An estate plan can keep you out of probate, making it harder to get at your things.
9. Minor children will have to go to court.
Many people do not realize that minor children cannot inherit. If you don't have a plan in place for how and when they are supposed to get their inheritance, the state will decide. You also get the joy of paying thousands of dollars for the state to make these decisions. Also, if you don't name a guardian, your kids could end up in foster care.
10. Your children can get disqualified from Medicaid!
If proper special needs trusts are not in place for children on Medicaid, your inheritance to them can disqualify them from these benefits.
If you don't have estate planning in place for your family, reach out to Althaus Law for a free consultation. They'll help you get thinking about why it's important for your family to have this in place!
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About Althaus Law
Althaus Law is a local estate planning and probate law firm in Northglenn serving the Denver area.
Their mission is an important one in our community, to give families peace of mind knowing you’re prepared and your family is protected if the worst happens.
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The team at Althaus Law also cares about helping our overall community become better each day. All of their team members volunteer more than 10 hours every month to local nonprofit organizations and the firm is committed to donating a percentage of profits back to charities and nonprofits in Colorado.
Althaus Law
11150 Huron St. Suite 102
Northglenn, Colorado 80234
contact@althauslaw.com
720-547-2319
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