Understand the Fundamentals of Estate Planning

More than half of all adults in America lack a will, which can result in a variety of issues if a tragedy occurs. If both parents are killed in an accident, a judge may decide what will happen to the kids. It's possible that your preferred method of asset distribution won't work in a blended family. Additionally, the decisions made regarding your medical care may not be what you would desire if you were paralyzed but not fatally injured. You can avoid all those negative consequences by using estate planning. Almost everyone, even those with few assets, should conduct some basic estate planning.

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State law decides who inherits your possessions if you pass away without a will. If you're childless and single, your parents or siblings may inherit your estate. If you are married, your assets may be divided equally between your spouse and children from previous marriages, or they may all go to your spouse. Your estate will go to your biological family, not your partner, if you are an unmarried couple. This might not always be what you want. The importance of estate planning is especially crucial for blended families and unmarried couples. If there is no will, state law distributes assets to biological kin, keeping an unmarried partner out. Watch this video to learn more.