There are medical and financial responsibilities we must plan to take care of in the event we become mentally or physically incapacitated, or after our death.
If we pass away without a will, state laws govern how our estate is dispersed—this is called intestate probate. Without an estate plan, our family members, the courts, and local state statutes determine what happens to our assets after death.
If we’d like to have control over who manages our estate and where our assets go, it’s best to prepare an estate plan. Creating an estate plan also allows us to nominate guardians for minor children or a spouse, sibling, or another family member unable to care for themselves. Without a plan, someone must apply to the courts to become a guardian.
“The probate process can be arduous. You want to make sure to have these things laid out ahead of time as much as possible to make it easy on your family.”
The more instructions we can prepare ahead of time, the easier the legal process is for our loved ones.