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Do Not Neglect Estate Planning

Giving-to-charity2If you do not have a will, it might be assumed that your assets will go to your spouse or children. But you might very well be wrong.

For centuries the only people who bothered to make detailed estate plans were the wealthy. Most people had very few assets and did not have a great need to make detailed plans. Some people chose to draft a simple will, but most did not do even that.

Even today people still tend to think of estate planning as something really only necessary for wealthy people. Other people with lesser means tend to assume that if they do not do any estate planning they do not need to worry. They think their spouse or children will inherit their assets and they do not need to bother actually drafting a will.

That is a mistake as the Wills, Trusts & Estates Prof Blog explained in “Estate Planning Is Not Just for the Ultra-Rich Anymore.”

If you do not have an estate plan, then any assets you have at the time of your death will be distributed according to the laws of intestate succession in your state.

In some states, that means your assets will pass to your spouse and your children. However, other states have different laws and they sometimes give assets to people who might not have been included in an estate plan, such as siblings and parents.

It is not difficult to get a will from an estate planning attorney.

There is no reason you should leave things up to state law.

Get an estate plan and make sure that your assets are distributed as you choose.

Reference: Wills, Trusts & Estates Prof Blog (Nov. 16, 2017) “Estate Planning Is Not Just for the Ultra-Rich Anymore.”