What Will Occur If You Pass Away Without An Estate Plan?

Estate Planning text concept written on wooden blocks lying on a table

Estate planning is one of the most underrated aspects of money or property management; it plays a vital role in keeping the estate for the dependents after the owner’s death. Dying without planned estate documents might prove to be a burden for your loved ones, and it might lead to lots of confusion, worry, and legal war. 

If you are living in Knoxville, it is essential to distribute the property for the future as per the wish of the owner. The result of neglecting such a vital distribution can significantly hamper the loved one’s life since it can lead to legal complications, unintended distribution of estate, and lots of tax implications. Estate planning is essential; wills and trust attorney knoxville can help you with legal assistance. 

Why should you consider planning an estate plan?

  • The court will decide about the beneficiary.

Dying without an estate plan would lead to the court deciding about the inheritance of the assets. The court will have to determine who will get what, and If the person denies or does not want it, then the process could be lengthy, frustrating, and expensive for your loved ones.    

  • Choosing the guardian for your children.

If you die without the proper planning of who is going to be the appropriate guardian of your children, then they may end up with someone you would not have chosen firsthand. These cases can be scary and can create a mess in the future.

  • Loss because of taxes: 

With a proper asset plan, your loved ones could be protected from lots of taxes that would significantly reduce much of your assets. Hence, adequate planning of your assets will ensure that your loved ones do not have to pay too much in taxes.

  • Loss in business

No specific plan for your business can lead to the destruction of your business since it can be inherited by people whom you might not want because of a lack of trust or maybe lack of experience to run the business, hence leading to lots of losses. 

  • The digital asset plan

If you do not plan the digital assets at the initial stage, your loved ones will not be able to get into your online accounts, emails, social media, and financial accounts.  

Draft your will today: How can you avoid dying without a will?

To avoid all the confusion and stress in the future, drafting a proper and specific will document becomes essential for your loved ones. Consult an experienced lawyer to file the document with all the requirements that are necessary to plan and process estate planning in the future.