Sadly, that’s what many of us do when we don’t have estate planning documents in place, particularly a will and a trust.
When people think of estate planning, there’s often a misconception that you need to be wealthy to have a plan. But that’s not true.
Many people are thinking they don’t even need an estate plan or they think that only elderly people need an estate plan. But really, when you say an estate plan, what you’re doing is deciding how you want your assets to be distributed when you pass away. That includes everything we own or have including our children, especially if they are minors.
If you don’t, a court will decide for you.
A will comes into play when we die. A living trust applies if we become incapacitated or no longer want to be our own trustee.
Experts say anyone who buys a home should have a trust.
It’s also important to decide whether you want a successor trustee or a corporate trustee, which can be found at banks. Many opt for the latter.
Ultimately, it’s your responsibility to stay on top of things. The decisions made about your future, should be decisions made by you.