No one likes to think about his or her mortality, let alone plan for it.
That's why most of us procrastinate when it comes to all things funereal.
We don't want to confront our inevitable end.
But if we pass away when we are financially unprepared, our friends and loved ones will pay for our inaction.
What Happens When you die without a will (intestate), the courts decide how your money and assets will be divided.
How? Apportionment is always based on legal and blood relationships.
In most states, when a married person dies intestate, one-half of the estate automatically goes to his spouse, and his living descendants share the other half.
Friends and distant relatives are not entitled to anything no matter how close they were to the departed.
For these reasons and more, prudent estate planning is necessary to ensure your family and loved ones are taken care of after you're gone.
It also gives you the opportunity to set something aside for friends and relatives who are not provided for under state law.
It should be noted that the state charges administrative fees when tasked with the disposition of personal assets.
When to Contact Law Firms Because it is such a gloomy, uncomfortable subject, most people wait until the last minute to plan their estate.
But the fact remains that accidents happen every day.
Even if you are in the prime of your life, it is important to prepare for the inevitable as soon as possible.
Furthermore, estate planning isn't only about money and assets and who gets what.
It also includes medical directives that explain how you want to be cared for if you are ever incapacitated and cannot care for yourself.
We know that it's not a pleasant subject.
But family members and loved ones invariably feel a lot better if they know they're following your wishes.
Failure to get them down in writing could force people to make hard decisions they might come to regret.
Worse yet, these decisions could cause friction in your family and lead to a rift.
To avoid the unthinkable, a person must endure a little unpleasantness with the help of estate planning law firms.
The Dangers of Inaction The number one mistake most people make is not doing anything.
Dying without a will or getting sick without any medical directives in writing is a recipe for disaster for everyone who cares about you.
Feuds over money and assets can and sometimes do destroy families, both socially and financially.
It is not at all uncommon for siblings and even parents to sue each other when a patriarch or matriarch dies without a valid will.
Who to Contact Because the laws are constantly changing, it is always a good idea to have an experienced estate lawyer draft your will and document your medical directives.
As macabre as it may be, at least the process is cheap.
A full estate planning package from most of the top law firms typically starts at only around one thousand dollars.
That's not much to ensure your family's future!