I Still Have Time — Until I Don’t. A $75,000 Mistake?
What happens to my home and assets if something happens to me?
If you own a house, it is probably the most expensive purchase of your life. Who is going to protect you and your family if something happens to you? A skiing accident, a biking accident, a car wreck? For the first time in your life, having an action plan becomes critical, and that plan includes Estate Planning. If you are like half the people in America, you have put off estate planning because you are still young and healthy, not so smart.
Everyone has two estates, The estate of your person—that is, where you live, what you eat, what medical treatment you receive or decide not to receive; things specific to your body. AND, the estate of your property—that is what everyone usually thinks about when your “estate” is mentioned. Money, real estate, cars, “stuff.”
Estate planning gets treated as a red headed step child all the time. I’m still healthy, still youngish, I’ll have time to do it next week. That bike accident, that car accident, the stroke, the heart attack, wont happen to me. Until the day it happens. Just like that, you are out of time. Your family is out of luck.
Last month, I helped a family declare their father incompetent, due to brain injury. The Court wanted to appoint an independent third party as his Guardian which cost of over $75,000.00 for the Guardian. The courts assign a fee to the guardian equal to 5% of your assets. This family had a $1,500,000 estate!
We overcame that issue, but the family still has an annual fidelity bond of more than $6,000 PER YEAR! Every Year. As long as Dad lives.
After you buy your home, make sure that your family is protected in the case of death or a serious accident. Make sure that you and not the courts determine how you protect your family and their future.