When looking at the concept of Estate Planning it is very evident that one of the most important things to consider is the Will. A will is a legal document that specifies how you want your property to be distributed upon your death. Why is this so important one would ask? Well, if you do everything perfect, when it comes to the whole concept of Estate Planning and then something where to happen to you, if you do not have a will then the state has a set of rules that must be followed to distribute your assets after your death.
Overall, if you don’t not have a will when you do pass away and the state has to divide up your assets there is a very good possibility that they will not be divided up the way that you would have liked for them to be. In most cases, your wife or spouse would get no more then half while the other half would go to the children. In the unfortunate event that you do end up dying without any living relatives, children or spouse then it would go into escheat. This means that the state government acquires the estate.
As you can tell it is a very important thing that make sure that your will is up to date so that you can leave your assets to the people that you really want to have them. If not there is no telling who will get what or even if the state will be the one dividing up your assets for you. This is a critical step in the process of estate planning and one that should never be over looked.
Written By: Lee Ruth
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