A will or an estate plan is important for most individuals to
have. But unfortunately, it is considered an afterthought for many people.
Surprisingly, the majority of American adults do not have a will. If tragedy
were to strike, this could create a variety of unwanted outcomes.
If tragedy befalls you and you die without a will, then state
law determines who gets your assets. For those who are single and childless, that
could mean that your estate goes to your parents or your siblings. If you are
married, your assets may all go to your spouse, or be split between your spouse
and children. If you’re in a domestic partnership but unmarried, your estate
would go to your biological family, as opposed to your partner. In many cases,
this could not be the ideal situation for you.
Even after completion of your will or estate plan, it’s important to reevaluate it from
time to time. This is for several reasons. Your heirs may have passed away,
remarried, or no longer be capable of administering your estate. It is also
highly recommended you review your estate plan if you get married, or have a
divorce.
After your will or estate plan has been created, keep it
someplace safe. Many choose to keep them in a waterproof, locked strongbox at
home, or to keep them in a safe deposit box at a bank. Wherever you decide to
store your will, be sure that your heirs know the location and have access to
it.
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