Remember, if you don't take control of your estate plan, someone else will and default rules will apply... whether or not they make good sense for your particular situation. Without proper state planning:
- You lose the ability to name a trusted individual to act on your behalf if you become disabled or unable to manage your own affairs during your lifetime
- Your assets may not go where you want them to go
- You fortify your right to name a personal representative, trustee and guardian
- You lose the opportunity to protect assets
- You may pay more estate taxes
TIP: Your estate plan need not be overly complicated, but it should be well thought out and it should be your plan based on your decisions and your goals. Estate planning allows you to control the outcome of your life's efforts.