What is the importance of estate planning?
Jan Meriss Alfonso Assistant at Parklin Law 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 t...