Every day, thousands of people find themselves in a position where they have lost their life savings, or a big portion of it, and no longer have that nest egg they worked so hard to accumulate. You may be thinking this could never happen to you because you are careful as you never squandered what you worked so hard to accumulate during your life. You certainly didn’t take your life savings to Las Vegas and lose it gambling. Most of us are careful with our money, so how can this be possible?
Unfortunately, there are too many ways this can happen. Businesses fail, taking personal wealth with them – gamblers bet it all on black and don’t always win. That “for sure” stock does not end up giving you the return you had hoped for. These are just a few ways a person can lose his or her personal wealth in a very short amount of time.
Have you ever thought that not having an estate plan could cost you your savings as well? But that is just what can happen. You are taking a gamble with your hard earned savings by not protecting it with an estate plan. Without a properly drafted and executed estate plan, a big chunk of your money could end up being spent on lawyers, court costs, creditors and taxes.
And did you ever think you also might inadvertently end up leaving something to that long lost cousin you didn’t like? Having no plan (or even a will) guarantees your estate, and all you have in it, will go through court where anyone can come in can lay claim to your wealth in this public forum—including that cousin. It will be up to the court and state laws to decide who will receive your funds.
At least by putting it all on black, you made the choice of where your money should go. But without a proper estate plan, you don’t have any say in where your hard earned assets go. Don’t gamble with your life savings. Having an MH estate plan will help protect it and pass it on to the ones you love the most.
To schedule a FREE initial consultation with an MH attorney, contact us today at 888.222.1328.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
- Estate Planning Tips for Solo Seniors - November 17, 2023
- Inheritance Planning: Have You Considered Digital Assets? - November 16, 2023
- Estate Administration: Executor vs. Trustee Roles and Considerations - November 15, 2023