What is the importance of estate planning?
Importance of estate planning
Estate planning is the act of making a plan for the division and distribution of your assets after death. This is especially important because it enables you to have control over who gets what from your estate, where it goes, and how it is divided after you die if you don't have an estate plan in place.
Decision of state
With no estate plan in place, the state will decide for you. The state will typically split up your estate among your spouse and children. This could cause problems for your loved ones if you have a significant other or extended family that may not be included by the court under this law. If you are married, your spouse typically has the first right to any property left behind unless there is a prenuptial agreement in place.
Without a plan in place
If you pass away and don't have any heirs or family members to leave behind, the state will take over. Some states are more lenient than others, but typically they will look at all the money left over and go through your bank accounts to see how much is left after bills and other expenses are paid off. Once they find out how much money is left behind they will decide how much money each of the individuals involved deserves.
Estate plan
Estate planning is the process of making arrangements for your property after you pass away. These arrangements include writing a will and putting provisions in place to manage your assets while they are being distributed. If you do not have an estate plan, the state will handle your remains and distribute your assets according to its laws.
Get a free consultation at a Law Firm
If you have questions, you can get a free consultation with the Best Estate Lawyers.
Parklin Law - Estate Planning Lawyer
5772 W 8030 S, # N206
West Jordan UT 84081
(801) 618-0699
