One common misconception surrounding estate planning is that it’s something to worry about once you get older. This could not be further from the truth. It’s never too early to set up your will, especially if you have any pets, children, or even just a bank account. This article makes some great points regarding the importance of creating a will or estate plan sooner rather than later.
So, what happens if you die without creating a will? State authorities will assume control of your assets and dependents and distribute them in accordance with your state’s laws. Do you share a home with a partner? Without a will, your partner most likely has no legal right to remain in the home after you pass away. It’s vital to express your wishes in a will or estate plan to ensure your loved ones are taken care of after your passing.
Even if you are single, having a will in place can protect your assets and accounts. Here are just a few examples:
- Pets – you can ensure your pets go to a loved one or someone you trust to care for them.
- Financial Accounts – with a will, you can ensure your accounts are transferred to the intended recipient
- Heirlooms and valuables – Pass on your most treasured possessions to someone special
If you’re ready to set up a will or discuss an estate plan, contact Rhodes Law Firm today! We can help give you peace of mind and guide you through the process.