Understandably, we are creatures who think in the present. What’s for dinner tonight? Who is picking up the kids after school? While we live life day to day, time flies by and important things go to the wayside. With so much to juggle each day, there is no wonder that people rarely think about the future. Retirement savings is at an all-time low, people are not getting life insurance as often as they used to, and important discussions are not being had.
One of the most important things a person should consider is planning for their estate. Everyone should have this in mind, from the wealthiest to the modest living. If you have possessions that should be passed on to your family, friends, or others, it is important to take the time to discuss the future of your estate with an experienced attorney.
An estate plan can help you get things in order, like how bank accounts should be divided, personal possessions should pass, and how family members will be cared for when you are gone. It can also help you declare your wishes for your end-of-life care.
One of the most important factors of an estate plan is the will, a testamentary document that establishes a mechanism for your estate and a person to carry out those wishes.
What happens if I don’t have a will?
If you don’t have a will, your assets may not reach the people who deserve them. Without a will, you shall die “intestate”. According to state law, your assets and possessions shall pass through something calls the laws of succession. These laws lay out who should get the estate and how it should be split. It depends a lot on the relationship of the deceased. If there were a spouse and no children, he or she would receive everything. If there were children with no spouse, the children would split. It gets complicated, but also can seem arbitrary by many who would have potentially benefited.
Contact a law firm to start the process
If you are interested in the estate planning process, contact our firm. We are ready to help you through this difficult conversation.
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.