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Estate planning is at the back of the mind for some families, and it’s not surprising given how complicated the process can be. However, with the right law firm by your side that can provide the services you need to plan for the future of your family, you’ll be better equipped to overcome the many obstacles in your way. If you’re yet to come up with a plan for the future, consider looking at some of the below problems that can occur if estate planning is completely overlooked.

1.     Your Children Receive Inheritance at a Young Age

Not all children are irresponsible at 18 years old, but the last thing you want is to risk your children owning assets and having inheritance money in heaps at such a young age. Without an estate plan, your children are likely going to have access to funds and assets as early as 18 years old. Do you want to risk your children having access to funds then when they could be irresponsible and end up with nothing for the future? Estate planning can ensure your children get their inheritance when you believe they’re ready for it.

2.     Lose a Percentage of Assets

Your family could also lose a huge chunk of assets because of the probate costs that are always involved during the complicated process. If you want your family to have access to the assets and funds that they’re promised, get a professional estate planning service in place so you know your family is going to be protected from hefty probate fees. The probate process is always a costly service as far as little to no estate planning is concerned.

3.     Anyone Could Raise Your Children

Let’s say you have a long-distance uncle who you trust with your life, but the judge who decides who your children are raised by doesn’t know any different. It’s up to a judge if you’re no longer capable of raising your children, to decide who is. The judge isn’t your enemy, but they’ll need to decide on who raises your children and sometimes, it’ll be the last person you want. Don’t take any chances here, estate planning services are there to help the future of your family and loved ones.

4.     Your Children Placed in Protective Services

Again, the last thing you want is your children raised by someone you’ve never heard of. While many protective services are excellent, many of them are not. Don’t take your chances. If you have a family member who’s better suited to raising your children, let the judge know that in advance with a good estate plan in place.

5.     Long Public Probate Process

As stated above, the probate process can prove to be a costly affair and more often than not, families lose access to inheritance because of the costs. That, however, isn’t the only problem of the probate process. Families also have to wait years to get access to the inheritance they have every right to.

There are many services local to you that can help you with the ins and outs of the estate planning process – don’t fall victim to overlooking it. Get a plan in place today and protect your family’s future from tomorrow.

 

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