3 legal facts1. If you don’t make an estate plan, the state can take control over your assets

By drafting an estate plan you become the master of your assets.  This means that when you die, your estate will pass directly to your loved ones per your exact wishes.  In the event that you pass away without first making an estate plan, you will no longer be the master of your assets, and will have no control over who inherits your estate.  When this occurs, your state will step in and disburse your assets according to your state’s "intestacy" laws.  This is because when you die without a will you are said to have died intestate (without a will).  If the state finds that you have no living heirs, all of your property will escheat (or pass to) your state. Therefore, it is very important to draft an estate plan.  It is the only way to ensure that your property passes to your hand-picked loved ones.

2. You should start drafting your estate plan as soon as possible

Many things in life are unclear.  For example, we don’t know exactly how much time they have left on this planet.  But one thing is for sure. The only time that you can prepare an estate plan is while you are alive and have legal capacity to enter into a contract.  Some people avoid preparing an estate-plan because they believe that it is too time consuming or too costly, and never get around to drafting it.  When an individual passes away without ever having drafter an estate-plan, their assets do not get distributed according to their wishes.  Instead, they get disbursed according to their state’s intestacy laws. Thus, whether you have millions of dollars in assets or just want to name a beneficiary on your retirement account, you should start drafting your estate plan in order to be in control of your property.

3. There are several documents that are used as part of the estate planning process

Remember, as long as an individual has the capacity to enter into a contract, they may begin planning for their estate.

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Hope this information was helpful!