This article discusses the risks involved with waiting too long to create an estate plan. Some of the most basic estate planning documents that people need include a will, a durable healthcare power of attorney as well as a financial power of attorney, and an advanced healthcare directive. A valid well executed will can make sure that assets are transferred after a person’s death with less confusion and difficulty. Even if there is a will, when property is owned jointly with two names on the title, it will pass automatically to the surviving owner. If a person dies intestate (without a will) the probate Judge will distribute the decedents property in accordance with local state intestacy laws. People should get their estate planning legal documents from an estate planning attorney who is familiar with the local requirements.
See Kyle Krull, What are the risks of waiting to create an estate plan?, Wealth Management, January 4, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
