Many people do not think carefully about the laws of intestate succession and how their assets would be distributed, so an estate plan can be really beneficial, according to an Investopedia article in "Leaving a Legacy: Why You Need An Estate Plan."
The discussion includes:
- Even if you generally like who will get your assets under state law after you pass away, you can still benefit from deciding who gets what exactly. For example, if you have multiple children, an estate plan can let you decide which child gets what.
- An estate plan lets you determine what your values are and how you want those values expressed. You can do things in an estate plan, like making sure your grandchildren have money for education and that your favorite charities receive donations from your estate.
- As things in your life change, your estate plan can evolve with those changes and let you stay on top of what will happen to your possessions and family after you pass away.
An estate planning attorney can advise you in creating an estate plan that fits your specific circumstances.
Reference: Investopedia (Jan. 5, 2018) "Leaving a Legacy: Why You Need An Estate Plan."