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When It Comes To Estate Planning, What You Don’t Know Can Hurt You
December 4, 2008 |
Approximately seven out of ten adults in the United States do not have a basic will. I suspect a large percentage of that group does not understand what estate planning is, and why it is so important.
If you are one of the 70% of adult Americans who die or become incapacitated without the proper documents, the reasons won’t matter. If you have an estate plan, and it was prepared correctly, your property will go where you want it to go, usually without court involvement. If you don’t have a current estate plan, your property may go where you want it to go, but in many cases it will not. For example, if you have a significant other, or a step-child, they may not receive any of your property without a valid trust or will.
If you become incapacitated, and you have a current estate plan, you will be taken care of by the person you choose. If you don’t have a current estate plan the court will decide who takes care of you while you are incapacitated.
If it is important to you to decide who will receive your property when you die, or who will take care of you if you become incapacitated, you need an estate plan.
www.robertbuschlaw.com
Article Source: When It Comes To Estate Planning, What You Don’t Know Can Hurt You
