Technically, you already have an estate plan. If you do not create a personalized estate plan, state laws dictate who will receive your money and property and the amount your spouse, children or other relatives will receive.

Generally speaking, if you are married with children, your surviving spouse will inherit half of your property and your children will inherit the other half.  If you are not married then your money and property will go to your nearest blood relative; that is, children, grandchildren, parents, siblings, nieces and nephews, and so on.

A court probate proceeding may be needed to appoint who is in charge to manage your assets, pay your final bills, settle other outstanding matters and ultimately distribute your property to the appropriate people. This process can be time-consuming, expensive, and public.

Additionally, without a personalized estate plan, the court may become involved and appoint someone to make financial or medical decisions on your behalf when you are unable, whether or not you would have chosen that person yourself. This court process can also states be time-consuming, expensive, and public.

Lastly, if you have a minor child and the other legal parent is no longer living or fit to care for your child, a court may become involved to appoint an appropriate guardian for your minor child. This may or may not be the person you would have chosen. This could also cause arguments among family members when trying to decide who will care for your child.

Please contact us to discuss your estate planning goals, objectives and concerns!