If you don't have a will or trust, then the government will determine who is in charge in the event that you were ever unable to manage your financial and medical decisions due to an illness. The government will also decide how your assets pass and to whom if you were to pass away. And here's a hint: It may not be who you would think or even want.
This could lead to unnecessary estate and income taxes, your estate being consumed by creditors, your estate being tied up in probate court (possibly for years), assets passing to people you would not want to receive them (such as your kids' ex-spouse in the event they were to divorce) and other undesired results. It is also the most costly and emotionally draining way to pass your assets to your loved ones.
Even if you have an estate plan in place already, recent changes in the law may mean that you and your family are not as protected as you think. If you would like to quickly and easily discover if your estate plan is up to date and will work when your family needs it most, download this report and take the simple quiz. By answering a few simple questions, you can quickly and easily see if your estate plan is up-to-date.
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