What Happens If You Don’t Prepare a Will?

What Happens If You Don’t Prepare a Will?
What Happens If You Don’t Prepare a Will? Iddins Law group

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You spend your entire life tirelessly earning money to provide comfort, shelter and safety for yourself and your family. When you die, do you want that wealth to go to someone you haven’t talked to in 30 years?

“Estate planning is an easy thing to procrastinate on! Most of us would rather not do paperwork, or ponder our own mortality. But if you die without a will the state will decide where your estate goes, and that can be tragic for the people you love,” says Rob Iddins, managing law partner of Iddins Law Group.

The good news is that if you’re reading this, there’s still time to make a will. As Rob says, “You’re not too late unless you’re too late.” And the process usually takes two weeks or less.

The Importance of a Will

A will answers three basic questions about the distribution of your estate: who, how much and when?

“If you have children under the age of 18, you can appoint a guardian in your will. If you don’t, the court will appoint a guardian — and it may be a family member you don’t have a relationship with,” says attorney Christian Pearson, who joined Iddins Law Group in 2020.

You can also establish a trust to provide for your children’s health, education and well-being until they receive their inheritance at the age you specify. If you don’t have a will, the funds may be placed into a blocked account until the child turns 18 years old, leaving the guardian with inadequate funds to care for them.

“Another aspect to consider is any beneficiaries with special needs. If someone you love is relying on monthly disability benefits, Medicaid and other public supports, an improperly planned inheritance may disqualify them from receiving those benefits,” Pearson says. “It’s monumentally important to plan ahead.”

Avoid Surprises, Plan Ahead

Iddins Law Group charges flat rate fees — no hourly charges and no surprises. They’re proud to publish their fees on their website, and you’ll also find them on the first page of their estate planning questionnaire.

In addition to writing a will, the team can help you articulate your wishes in case of incapacity. Plan ahead with a financial power of attorney, a medical power of attorney, or a health care directive, so your loved ones can offer timely support if you experience a medical emergency or need help managing your finances. If you’ve experienced the loss of a loved one, Iddins Law Group also offers probate services to help you administer the estate with compassion, empathy and kindness.

Pearson, Iddins and the rest of the friendly staff at Iddins Law Group work together to care for their clients efficiently, while keeping the atmosphere fun and accessible. They’re also happy to work with your financial planner, CPA tax professional, realtor or other advisors to ensure all of your needs are met.

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