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Estate Planning Essentials: Understanding the Ramifications of Not Creating a Will

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The realities of death aren’t something most people are accustomed to frequently discussing, but certain things like estate planning and creating a will are crucial for everyone to consider. Death is inevitable for all of us, and the ramifications of failing to plan ahead often prove significant.

“While we may not like to think about death, it’s crucial to plan for it,” says Attorney John Wood of Grant Park Legal Advisors. “Those who think they don’t need a will may want to consider the consequences of going without one.”

What is a will?

There is a common misconception that wills are only meant for those who are incredibly wealthy or possess a significant amount of assets that will have to be divided among their relatives. According to Wood, however, everyone can benefit from a will.

“A will is simply a legal document that outlines your wishes regarding the distribution of your assets after your death,” Wood explains. “If you pass away without one, your assets may not go to the people you intended. Instead, the laws of intestacy come into play to determine who your assets are left to.”

The laws of intestacy

The laws of intestacy vary from state to state, but in general, they will prioritize immediate family members, such as spouses and children. Problems arise when a person may have specific ideas or desires on who should receive their assets but fail to have the legal documentation to make their wishes known.

“Each person has unique situations, and wills account for these circumstances,” Wood says. “Perhaps they’re not particularly close to their children, or have no children, and wish for their assets to go to nieces and nephews, or they have no family at all and want what they leave behind to go to a favorite charity. Whatever the case, these circumstances should be outlined legally so a person’s last wishes can be fulfilled.”

Putting the future of minor children in jeopardy

No one likes to think about dying and leaving behind young children, but it happens. “If you have children who are still minors, creating a will is especially crucial,” Wood notes. “A will can specify who will be appointed guardian of your children should something happen to you.”

If a person of one’s choice is not appointed, the decision will ultimately go to a court, and their criteria for who will make an appropriate guardian could differ wildly from one’s own. “This can lead to a lengthy and costly legal battle that can further traumatize your children,” Wood explains.

Unnecessary taxes and fees

Additionally, when someone dies without a will, their estate may be subject to unnecessary taxes and fees. Their estate will go to probate, where courts will appoint an executor to distribute their assets.

“In Illinois and many other states, when there is no will, the court will require a bond to ensure the executor follows the law and distributes the assets correctly,” Wood explains. “This bond is an insurance policy essentially to insure the estate and heirs against malfeasance by the executor or administrator.”

One potentially substantial fee that can be avoided is the probate bond. In many instances when the will waives the bond, the estate will save more than the cost of drafting the will.

“This means some of your loved ones may be on the hook for these fees and taxes incurred,” Wood says. “The executor’s fees alone can be substantial and eat into any money any beneficiaries would possibly receive, and if your estate is subject to estate taxes, your beneficiaries may have to pay a significant amount of money to the government.”

Your business may be affected

If one owns a business, dying without a will can have especially dire consequences. “Your business could be forced to go through probate, which often leads to lengthy legal battles and financial losses,” Wood observes.

The unnecessary taxes and fees Wood previously discussed can also hit one’s business. As such, all business owners should also have a clear succession plan within their wills to ensure that either passing on or closing their business goes smoothly after their death.

You could leave loved ones without financial support

If someone is the sole breadwinner in their family, dying without a will could leave them completely without financial support. “While an estate is in probate, the deceased’s family may suffer immediate financial instability,” says Wood. “Creating an estate plan with a life insurance policy can ensure that your loved ones are financially supported even after your death.”

Death is a traumatic event for families and loved ones, but according to recent studies, roughly two-thirds of Americans either don’t have an up-to-date will or have no will at all. However, those same studies also show that higher inflation is causing more Americans to consider estate planning. Younger Americans are also 10% more likely to have a will or estate plan than in 2020, largely due to the influence of the COVID-19 pandemic.

Whatever the impetus may be, it seems that more people are realizing the importance of having a will and planning for what will happen once they pass away. As they continue to learn about the value of estate planning, attorneys like John Wood will be there to guide them through creating wills and making sound plans for the future.

Rosario is from New York and has worked with leading companies like Microsoft as a copy-writer in the past. Now he spends his time writing for readers of BigtimeDaily.com

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Business

Transforming Sales: Tips from Gene Slade’s Student on Lead Ninja System

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Corbin Allen’s journey from a troubled past to a successful sales professional shows how resilience and good mentorship can change a life. With the help of Gene Slade, CEO of Lead Ninja System and Lead Ninja AI, Allen improved his sales skills and used new strategies to perform much better.

Lead Ninja System is a training program that helps improve sales skills, especially for people in the HVAC, plumbing, and electrical trades. It focuses on making sales more efficient and keeping customers happy through Slade’s proven strategies and hands-on training sessions. Lead Ninja AI is part of the Lead Ninja System and can have long, human-like phone conversations. It remembers details from past talks, making each call personal and consistent. This AI is flexible and works well for sales calls and customer support in the HVAC, plumbing, and electrical trades.

Here, Mr. Allen shares the important lessons he learned from Slade and how he used them to succeed. He gives practical advice for new salespeople. Allen keeps learning from Slade and now also teaches others at Slade’s live events.

Road to Victory

Allen’s journey is truly amazing. He was born into a tough situation and faced many difficulties from a young age.

“I was a product of a broken home,” he shares. “I never really had a mom physically present, and this led to some poor choices. I found myself in prison at 18.”

When Allen was 20 and got out, he decided to change his life. He started working on air conditioners, not knowing at first how much money he could make in sales.

“I was hired as a technician, but I realized the guys selling air conditioners were making significantly more money,” he says. “This moment was the start of my journey in sales.”

Discovering Gene Slade and Lead Ninja System

Allen’s career took a huge turn when he found Slade and the Lead Ninja System.

“Gene is the real deal,” Allen says. “Unlike many sales trainers who haven’t ‘walked the walk,’ Gene’s advice is practical and — most importantly — rooted in real experience.”

Allen first heard about Slade through a podcast and was immediately impressed by his insights.

“I decided to try his techniques, and they worked,” Allen says. “This was a total game-changer for me.”

Top Tips from Corbin Allen

Drawing from his experiences and the invaluable lessons learned from Slade, Allen shared his top sales tips with us to help our readers succeed.

1. Establish a Routine

Allen insists on the importance of a good routine.

“How you do anything is how you do everything,” he says. “Having a routine, setting aside time for yourself, and keeping a positive mindset are super important. Whether it’s going to the gym, meditating, or grounding yourself, find something that centers you and make it part of every single day.”

2. Adopt a Holistic Approach

A holistic approach to life and work is essential.

“You need to look at your life from all angles,” Allen says. “Focus on improving yourself in all areas of your life, not just in sales. When you feel good, you do well. This means you will have better interactions with clients and more successful sales. But you have to give all aspects of your life equal value.”

3. Develop a Solid Process

One of the most impactful lessons Allen learned from Slade is the importance of having a structured sales process.

“Most salespeople don’t have a clear process that they can use with every potential client,” he notes. “Gene taught me that having a standard process allows you to track what works and what doesn’t. It’s important to follow a consistent process in every interaction.”

4. Focus on Helping Others

Allen advises changing the perspective from selling to helping.

“Ask yourself, ‘How can I help this person today?’” he says. “When you really focus on providing help and solving problems for your clients, the sales will naturally follow!”

5. Continuous Learning and Adaptation

As a forever student of Slade’s teachings, Allen shares the importance of always learning and being open to adapt.

“Sales is always changing,” he says. “Stay updated with Gene’s latest techniques, attend his bi-weekly training sessions, through the Mastermind, and always be open to learning new things. Gene’s Lead Ninja Mastermind sessions are so great, and the Mansion Events are even better, because we practice in real life, just like it would be with a potential client.”

Allen’s Credentials and Achievements

Allen’s success under Slade’s mentorship is easy to see from his big achievements.

“From making $50,000 a year as a technician to earning over $200,000 in my first year in sales, the change has been incredible,” he shares. “This year, I’m on track to make over $300,000.”

Allen is also successful in his personal life. He built a stable and loving family, raising four boys with his wife, whom he met just three months after his getting out of prison. They were wed six months later.

“We’ve been together for over five years, and it’s been a steady climb,” he says proudly. “I hope through Lead Ninja, many men can bring together beautiful families like I did. I didn’t think it was possible when I was at my lowest. Now, I think anyone can do it if they work hard and believe in themselves. It helps to have Gene in your corner, too.”

The Power of Mentorship

Allen attributes much of his success to the mentorship he received from Slade.

“Lead NInja is ultra transformative,” he states. “Gene provides practical advice that is easy to implement from the jump. Plus, his process works for everyone, regardless of personality type.”

For those looking to copy Allen’s success, he offers this final piece of advice: “Find a mentor who has walked the path you want to take. Learn from them, implement their strategies, and always strive to better yourself. With the right guidance, anything is possible. I believe in us.”

Corbin Allen’s journey from adversity to success underscores the profound impact of effective mentorship and the power of resilience. By following his advice and adopting a holistic approach to life and work, aspiring salespeople can achieve remarkable success in the HVAC, plumbing, and electrical trades.

About Gene Slade

Gene Slade, CEO of Lead Ninja System, is a pioneering force in the realm of sales training and business development. With a steadfast commitment to empowering professionals in the HVAC, plumbing, and electrical trades, Gene offers transformative coaching experiences that revolutionize the way business owners approach sales and growth through personalized guidance, community support, and access to exclusive resources. For more information, please visit https://leadninjasystem.com/

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