You may be wondering what will happen to your assets and your loved ones after you have passed away. Estate planning can help you keep your affairs the way you want them to be.
If you die without a will, there are usually state laws that dictate the terms of inheritance. Unfortunately, this can leave many individuals you were close to with nothing. Perhaps, your kind neighbor who has always helped you often praised your beautiful dining room table, and you want her to inherit it. Without a will, the law may prohibit the neighbor from inheriting, since she’s not a family member.
What Will Happen to Your Children?
If you have minor children, you want to have a say regarding who will take care of them if something happens to you and your spouse. While the courts may grant custody to the closest family member, you know better than any judge the best person to take care of your children if such a tragedy occurs.
Control Over Your Life
Estate planning is also important to determine your own care. If something happens, and you are unable to make decisions or need to be on life support, estate planning allows you to decide how doctors and family member should proceed with your care.
Estate planning helps you maintain control over your life and death. Contact Ronald K. Smith at 765-282-4022 to learn more about estate planning.