What Happens If I Don't Have an Estate Plan?

Having an estate plan means creating directives that determine what happens to your assets and accounts upon your passing, but what happens if you don’t have an estate plan? Who takes care of your property and accounts after you die if you don’t have a will or other documents and directives in place?

Although most elder law estate planning professionals recommend having such a plan in place, not everyone heeds this advice. Here are a few things that could happen if you don’t have an estate plan in place:

Your Estate Goes Through Probate

The probate process is the legal direction of your estate after you pass. If you haven’t worked with an elder law estate planning attorney to put a formal plan in place before you die, a probate court determines where your assets are directed.

A Surviving Spouse or Descendants Receive Your Assets

If you have a surviving spouse or direct descendants, these people will likely be the inheritors of your assets, but this isn’t always the case. Although a spouse is almost always going to be the direct inheritor of your estate, matters can get complicated in blended families and states without community property or common-law marriage laws.

Creating an Estate Plan With an Attorney is Vital

Because dying without an estate plan can mean your estate gets settled in a manner inconsistent with your wishes, now is the time to put a plan in place. Working with an estate planning professional is usually the best route to take.

Although you can draw up your own will and some other legal documents, unless these have been vetted by an attorney, these documents may not stand up in court if challenged. This can result in your surviving family members being drawn into a long court battle, and it can also result in your assets being distributed in ways you don’t intend. An estate planning attorney can help you create advance directives and review existing documents to ensure your wishes are carried out after you die.

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