When you die without a will (testament), the court decide how your money and assets will be divided. How? The division always based on blood relations and the law. In most states, when a married person dies intestate, one-half of the estate automatically goes to his partner, and his descendants to share the other half. Friends and distant relatives are not entitled to anything no matter how close they are to set out.
For these reasons and more, prudent estate planning is required to ensure the family and loved ones are taken care of after you left. It also gives you the opportunity to set something aside for friends and relatives who are not provided for under state law. It should be noted that the state imposes administrative costs while serving with the disposition of personal assets. You can explore this site to acquire more knowledge about estate planning law firms.
When to Contact Law Firms
Since it was dingy, uncomfortable subject, most people wait until the last minute to plan their estate. But the fact remains that accidents happen every day. Even if you're in the prime of your life, it is important to prepare for the inevitable as soon as possible.
In addition, estate planning is not just about money and assets and who gets what. It also includes medical manual that describes how you want to be treated if you ever paralyzed and unable to care for themselves.
The number one mistake most people make-not doing anything. Die intestate or sick without medical directives in writing is a recipe for disaster for everyone who cares about you. Hostility over money and assets can and sometimes destroys families, both socially and financially. It's not at all uncommon for siblings and even parents to sue each other when a chief or a matriarch dies without a valid will.