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It's either alarming or concerning, but you should know that half of Americans leave this world without the benefit of an estate plan or will. While most people don't find estate planning as necessary, you should know that once you die without it, your money will most likely go to tax authorities and probate lawyers. Also, the lack of a plan after you die means that the state will have no choice but to transfer your assets to your closest relatives. Likewise, it must decide where kids and their properties will go if your partner is considered unfit to take care of them.

 

Sounds overwhelming, right? Well, estate planning may seem simple and straightforward at first, but if you come with several special circumstances or if you are worth millions, then the basic becomes complex. But with the help of an estate planning consultant or Business Planning Attorney, you will be guided accordingly, more specifically in informing you the available options and alternatives.

 

So, who really needs estate planning?

 

First things first, the death tax, or officially referred to as the federal estate tax exemption, is the amount that you can leave to your heirs without the need to pay federal estate taxes of about 40%. Now for those who aren't worth $5 million or more, the belief is that estate planning isn't needed. For them, a simple will that can be produced without a lawyer and other complications is enough to distribute assets.

 

But the truth is estate planning is something more than just paying taxes on an estate. Simply put, there is more to it than meets the eye. Therefore, you certainly need estate planning attorney for things you aren't familiar with such as the proper handling of finances, making decisions with regards to healthcare, and the fair distribution of assets once you leave this world.

 

What happens then if you don't plan your estate and you don't hire a lawyer?

 

Now if you decide there's no need for estate planning, what happens is that you have no other choice but to delegate the responsibility of distributing your assets to the state. And while this usually works out in many of the instances, the problem happens whenever heirs have a misunderstanding or conflict on who gets what. As a result, your heirs will have to fight over your estate and hire their own probate lawyers, which in turn could be very costly.

 

 

In the end, regardless of your decision to hire a lawyer or not, the fact remains that you need estate planning even if you don't have that much to leave behind, so long as you have something to distribute to your heirs. If you refuse to value the importance of estate planning, it is more likely that costly issues will surface later.