A recent study by caregiver resource Caring.com presents cause for concern, according to Anna M. Price, an attorney focused on estate planning in West Virginia (WV), Kentucky (KY), and Ohio (OH). While one might have expected the COVID-19 pandemic to be a wake-up call for people to attend to estate issues, the study found that the number of adults in America with a will or other estate planning documents in place decreased 24 percent between 2017 and 2020.
When a person dies without a will, Price says, loved ones are left to determine what to do with the assets and debts of the estate on their own, without any guidance regarding the decedent’s wishes. This can cause disputes between family members and other loved ones, complicate and prolong the probate process, and cause beneficiaries to incur unnecessary taxes and expenses.
Large or complex estates can have significant losses in taxes and fees as a result of not planning ahead properly, but individuals with smaller or less-complex estates also need to heed this advice. Price, a member of Jenkins Fenstermaker, PLLC, is passionate about helping individuals and families plan for the future and transfer their wealth and assets as seamlessly as possible.
Price encourages residents of WV, KY, and OH not to procrastinate on this critical issue. She is accepting new clients and referrals to discuss estate planning and ensure that the legacies and final wishes of West Virginians, Kentuckians, and Ohioans are protected.
