The Uncomfortable Truth About Dying Without an Estate Plan (And What You Can Do About It)

Imagine this heartbreaking story: a young couple with two small children is tragically killed in a car accident. They have no estate plan. What happens next? Their children are left without parents, their finances are in disarray, and their future is uncertain.

No one likes to think about dying, especially when they have young children. But ignoring the inevitable doesn’t make it go away. The truth is, if you die without an estate plan, the state will step in and make decisions for you. And those decisions may not be what you would have wanted.

Here are just a few of the things that could happen if you die without an estate plan:

A Judge (Who Doesn’t Know You) Will Choose Who Raises Your Children

If you have minor children, one of the most important things you can do is to name a guardian for them in your will. If you don’t, a judge will choose who will raise your children. This could be a family member, a friend, or even a stranger.

A Stranger Will Control Your Children’s Inheritance

If you die without an estate plan, your assets will go through probate. This is a court-supervised process that can be expensive and time-consuming. During probate, a judge will appoint an administrator to manage your estate. This administrator will be responsible for paying your debts and distributing your assets according to state law.

Your Children Could Receive a Windfall at 18 (With No Guidance)

If you die without an estate plan, your children will receive your assets all at once when they turn 18. This can be a recipe for disaster. Many 18-year-olds are not prepared to handle a large sum of money responsibly.

What You Can Do About It

The good news is that it’s easy to avoid these problems. All you need to do is create an estate plan. This can be as simple as writing a will or creating a trust.

An estate plan allows you to:

• Name a guardian for your children
• Choose who will manage your finances
• Make sure your assets are distributed according to your wishes
• Avoid probate

Don’t leave your family’s future to chance or the court system. Create an estate plan today. It’s one of the most important things you can do for your loved ones.