Guide to Estate Planning
THE NEED FOR ESTATE PLANNING
During life and at death, we all transfer property to others. Estate planning is the method by which such transfers are arranged to follow an intended plan. Estate planning is often neglected, perhaps because it involves facing mortality or because other more immediate concerns are given priority. However, ignoring estate planning needs is shortsighted and may lead to unintended and costly results. The need for estate planning is not limited to those with substantial wealth. The adverse impact of a poor estate plan is often the greatest for those of modest means.
If you die without a will, the state in effect makes a will for you by requiring that property titled in your name be distributed according to the “intestate” statutes. The result may be different from what you intend.