Estate planning allows you to get your affairs in order in the event you become incapacitated or die. A will, which is the most basic estate planning tool, contains a written set of instructions to your loved ones as to how you want your estate to be distributed after your death.
So, what happens to your property if you don’t have a Will or estate plan?
If you die without a Will or any type of estate plan, your state’s intestacy laws will determine who will inherit your property. Intestacy laws may also determine who will act as guardian of your minor children. These laws do not consider personal circumstances or personalities, so your property and/or minor children can end up with a relative who you never would have chosen if you had the opportunity to establish an estate plan. In certain circumstances and in certain states, the state may benefit from the intestacy laws to a greater degree than your heirs. Continue reading ‘Why Every Adult Needs an Estate Plan’ »