From busy schedules to anxiety about death and simply failing to understand the importance of a will or trust, there are many reasons why people do not have estate plans. However, this could lead to a number of consequences later on. If you live in Jamaica, New York, or another U.S. city, it is essential to understand why estate plans are so crucial and you may want to create one as soon as possible. At Joseph A. Ledwidge, we also know how helpful estate plans can be for people who are younger.
By failing to have an estate plan, you or your loved ones may encounter various challenges. While some people feel uneasy about their own death, it may be even more challenging for them to think of the difficulties their family members may face if they pass away with no estate plan. However, these hardships can be avoided or minimized by simply planning ahead. In fact, many people find peace of mind after working through these matters.
Without an estate plan, assets may not be distributed in accordance with your wishes and your property may also be subjected to harsher tax penalties. In addition to the potential financial consequences associated with a lack of estate planning, your family may disagree over certain estate-related matters, which could result in a harsh dispute. Sadly, these disagreements can split entire families apart.