Wealth Transfer & Generational Planning
Unfortunately, only about 45% of adult Americans have estate-planning documents. Generally as one accumulates more assets as well as gets older, the probability of having estate-planning documents increases.
When you die without a will or trust, the State in which you reside has laws that determine to whom your assets will go. This may or may not be what you want. But since you did not have your wishes recorded properly, you do not get a choice.
Those who don't have Estate planning documents in place risk exposing family members to the following:
- All expenses associated with attorneys and courts
- Loss of family and work hours while they try to determine your intentions
- Wrongful execution of personal, charitable and professional wishes
- Possible on-going dissension among surviving family members
When you die your assets could go to family, friends, taxes, attorneys, appraisers, courts, charity, and other miscellaneous service providers. Having proper estate planning documents can speed the transfer process, decrease costs, and help keep family harmony.