A Few "Tongue-in-Cheek" Reasons to Avoid Estate Planning - At All Costs

Cheek Law Offices - A Few "Tongue-in-Cheek" Reasons to Avoid Estate Planning - At All Costs

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Sometimes I am amazed at the number of citizen who place estate planning on the "back burner." But still, in clear ways it is understandable. Many feel that they just don't have time to go to an attorney. Certainly, there is also the mortality factor: preparing an estate plan sometimes forces us to think in uncomfortable ways.

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Still, there must be at least some discussion for doing nothing. So, after reasoning hard, here are a few -- with my tongue firmly in my cheek:

1. There is legitimately no need to prescription your child's guardian in a will. Your child legitimately doesn't care who raises him. It legitimately won't influence him if a judge makes crazy Aunt Tilly his guardian, should you suddenly die. If she throws your child into a cage until his 18th birthday, it legitimately will work out fine in the end. Don't worry.

2. Anything you do: If your home has appreciated over the years do not put it into a trust. Although trusts ordinarily cost maybe a few thousand dollars to put in order and to fund, you should insist on probate. In California, for example, probating a house worth 0,000 will cost ,000 in attorney fees alone. This excludes filing fees, estimate fees, and other probate expenses. California lawmakers even help you to spend this money by fixing the probate attorney fee schedule in the statutes. Also, this is a minimum fee, as court beloved astonishing fees are even more. But don't worry: It's only money.

3. There is an additional one intuit to inquire a probate: Most probate proceedings last a year, or more. Trust community is generally faster. That's simply too darn quick; this is an additional one intuit to avoid trusts at all costs. Don't worry: It's only time.

4. It gets legitimately good if there is a lot of discord in your family. What a show! If you legitimately work at it, everyone will be fighting to be the administrator of your estate. If your wishes are not clearly stated in a trust there is even more to fight about. Of course, citizen just love to fight about money. And it's fun to watch.

5. If you are married and have a nice, fat estate -- Oh boy! The highest marginal estate tax rate is 45%. While there is an estate tax exemption (darn that exemption!), if you buildings your estate in the poorest (meaning, the best!) inherent way, your surviving spouse may still be able to deliver 45 cents of every dollar to Uncle Sam in short order. Again: Don't worry. The federal government wants your money more than your charities, children, or other beneficiaries have need for it.

6. Finally, trusts are just too private. everyone should insist on their family chance a probate so their finances and possessions are known to all as part of a public record. Again, don't worry!

Of course, this is silliness -- but with a point. Doing nothing places guardianship issues concerning your children before the court with tiny if any guidance. If you own a house, placing it in a trust will likely contribute large savings in probate fees. This is especially true if you live in an area of the country where housing prices have gone up substantially. If you have large assets, more meticulous planning may be required to cut your exposure to estate tax.

In all, estate planning is a pretty good deal.

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