One inevitable part about the aging process is that we reach a time when we can conclude that our final years are upon us. No one wants to reach that time any earlier than necessary, and for that reason, we often delay thinking about the implications of our own death.
But the truth is, you’re passing away is going to have a tremendous impact on your family and their future. And this is not just the psychology behind loss and sadness, but also there is a potential financial impact that is important to consider.
Do you have a will in place? Most of the older folks that we mentioned just above will already have been to see a lawyer and drawn up the appropriate will and estate paperwork to make sure that the proceeds of their own estate will pass to their heirs in an optimized fashion. But many of us in middle age, or certainly younger than that, have not taken the time to make sure a will is properly in place.
While the psychology behind this is understandable, it should be noted that your failure to address the possibility of an early death can put your family’s assets at great risk. This is because all states have a set of rules in place called probate law that govern what happens to your assets upon your passing if you have not otherwise specified a set of directions.
These probate laws can result in the distribution of assets in a way that completely countermand your own desires, and so your only opportunity to influence the process is to visit with a lawyer in Spartanburg SC to sit down and make the tough decisions now.
Is this a little bit of a hassle? No, it’s not a terrible process to go through. There will be some need to pull paperwork together and begin to draw a fuller picture of where all of your assets are positioned.
You will also have to think carefully about family relationships, and where you believe your assets could have the most impact when inherited. It’s very unlikely that you will have specifications that an attorney cannot easily make into a reality, despite some of the television dramas you see about contested wills and family strife after a relative’s death.
The truth is, that these are your assets, and a qualified attorney is more than capable of making sure that your directives are the ones that matter. Yes, there can be some dissension among family members after a death, but at the creation of your will, it is your opportunity to consider what is best for the entire family.