Losing Control by DOING NOTHING

Doing nothing is another very common plan. Many people procrastinate and don't do anything for any number of reasons. They think they're too busy. Or they don't own enough. Or they're not old enough. Or they're confused and don't know who can help them.

What happens if you don't do anything? If you own assets in your name and you become incapacitated, the court can take control just as we explained. And when you die, your estate will go through probate. The only difference is that your assets will be distributed according to state law-which is probably not what you would have wanted. For example, in many states if you are married and have children, they will each receive a share of your estate. This means your spouse could receive only a fraction of your estate, Which may not be enough for him or her to live on. And if you have minor children, the court will control their inheritances and it will appoint their guardian(s) without knowing whom you would have chosen.

This is probably the worst situation. Because you have absolutely NO control.

 

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