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The Importance of Estate Planning

by | May 3, 2021 | Firm News

Estate planning is something that often individuals do not wish to address or shy away from the subject. It can be a scary thought, but prudent estate planning now can ensure that the ones that you love will be taken care of.

According to a recent study done by the American Association of Retired Persons, only 4 in 10 American Adults have a Will. Only 40%, less than half! That is a shocking number. Individuals believe that what they leave behind will simply go to the member of their families, but this is not necessarily true.

When a person dies without a Will under the law they are said to have passed “Intestate.”  Intestate succession will then dictate how the estate of the person who has passed will be distributed.

If a person passed with children and no spouse surviving, then the children will inherit everything. If a person passes with a spouse and no descendant(s) or parents surviving, then the spouse will take the entire estate. If a person were to pass with a spouse and parents surviving, then the spouse would inherit the first $30,000 of the intestate estate plus ½ of the balance and the parents would inherit the remaining intestate property.

The list goes on providing for multiple different scenarios, including if a person passes without a Will and with no blood relatives their intestate estate will then pass to the State.

With a Will it allows an individual to make those important decisions as to where their property will go when they are gone. All family dynamics are different, a Will allows the maker of it to provide for those circumstances. For example, a person may consider an individual “like family” but have no blood relatives. Intestate law would not take this close relationship into account, rather that person whom you cared so much for would receive nothing, and if there were no blood relatives the entire estate would pass to the State.

Creating a Will is so beneficial to those whom you love greatly. The skilled Attorneys at Rick Stock Law would be happy to assist you with all of your estate planning needs.