Statistics tell us that only around half of Americans have any type of estate plan in place. Going through life without an estate plan is taking a risk that can easily be eliminated. If you need some motivation, simply envision where your family would be if you were to pass away today. When you make plans for all contingencies you are protecting those that you love.
If however you deceased without an estate plan in place the intestacy rules of succession would apply. "Dying intestate" means dying without having executed a valid last will. There are those who understand that there are intestacy laws of succession. They may not take estate planning very seriously because they assume that their next of kin will inherit their estate. This could be a crucial mistake. You may be shocked who would actually inherit your estate under the laws of intestacy.
The estate will be administered under the jurisdiction of the probate court if you die intestate. Tthe probate process can be extremely time-consuming, expensive and public in nature. Also, iterested parties can delay the process with objections and creditor claims.
The fact of the matter is that estate planning is not optional if you truly care about the well-being of your family. If you are currently unprepared now would be a good time to take action and arrange for a consultation with a good Reno Estate Planning attorney.
