April Fools’ Day is a time for pranks and jokes, but when it comes to an estate plan, there’s no laughing matter. Imagine sitting at the table with Grandpa and Grandma, as they share their intentions. They make it clear that they have a plan and nobody should worry. Fast forward to their death, and guess what? No paper, no plan.
Having no formal estate plan in place can lead to serious consequences. Without an estate plan, a court must decide how assets are distributed. This can result in a lengthy and expensive probate process, and your loved ones may not receive the inheritance you intended for them.
In addition, without a clear plan in place, your family may be left with difficult decisions. For example, decisions regarding to medical care if you become incapacitated.
To avoid these problems, start simple and make progress to concrete decisions. While it may not be the most enjoyable topic to discuss, creating an estate plan is a responsible and necessary step to take.
Don’t be fooled by thinking that you can put it off or that it’s not important. An estate plan provides peace of mind. Also, ensures our wishes are carried out. So this April Fools’ Day, don’t play a prank on yourself. Instead, take the time to create an estate plan and protect your family’s future.
