The most common excuse for not making an estate plan is the person plans to spend all their money before they pass. Since nobody knows how long they will live or what expenses lie ahead for them this is a “bury your head in the sand” approach. The question then becomes to who do you leave your estate to.
As an estate planning attorney I find that most parents do want to leave something to their children. Leaving an inheritance has been with us from the days of Abraham. Spending everything is not really an option for most people. They need to preserve most of a good portion of their assets to generate income and provide reserves for unexpected expenses. As a result, the choice is whether to leave the nest egg to children or to charity. The responsible action is to evaluate your accumulated wealth in relation to your values. Accordingly, create a plan to benefit those persons or organization receiving your inheritance.
Our office stands ready to help you create an estate plan that reflects your values. The use of well drafted wills and trusts allows you to achieve your objectives and limit the government’s take of the estate through fees and taxes.