What If No Planning Has Been Done or Was Done Incorrectly?

If no estate planning has been done, the court will have to be involved. In the event you become incapacitated, your family will have to petition the court to appoint a person to make financial decisions on your behalf. The court will also have to appoint an individual to make medical decisions for you. Because you are incapacitated, you will have no way of communicating who you would like in those roles. The judge will have to make a determination based on investigations and the testimony of the interested parties in a very public proceeding--which may or may not reflect your actual wishes.

If you die without an estate plan, your property and financial assets will be distributed through the probate process to your family based upon the state’s intestacy statute. In many cases, this distribution scheme is contrary to what you would have wanted. In addition, the probate process can be time-consuming, expensive, and public.

Probate may also be required if you have a will or if a trust that was not completely “funded” (assets were not properly transferred to the trust or retitled in the name of the trust). The only difference is that the will determines who receives the assets rather than state law.

All that said, if you do not currently have an estate plan don’t worry! We are here to offer peace of mind and will guide you and help craft a plan that will protect you and your loved ones. For more information and to discuss your specific circumstances, please contact Timothy Pfund at (248) 210-5953 or tpfund@pfundlegalsolutions.com.