If you die without a will – intestate – it can be devastating for your family. It is not that they may not be aware of your final wishes and have desire to carry them out, but the lack of a will presents some legal issues, especially if there is any chance that a family member or creditor might contest any part of your will, or if there are specific provisions you want to ensure. Without estate planning, your estate falls into the hands of the probate court, and the disposition of your assets is at their discretion.
Conscientious estate planning can ease the burden caused by your death and makes the probate process run much more smoothly in most cases. Unfortunately, many people fail to prepare for the inevitable because they think they are either too young or do not have the assets or wealth to justify estate planning.
Everyone needs a will. Young or old, age does not matter. You simply update the will as your life changes. The word “estate” gives some people the wrong impression. Lac of wealth and property leads them to believe a will is unimportant because they do not exactly have an “estate.” A will, however, covers more than just the disposition of property and money. It ensures that all of your affairs are in
order and your wishes, no matter how big or small, are outlined in a legal document and are available for your loved ones to carry out whether you die of old age or an untimely death at a much younger age.