Did you know that every single person has an estate plan!
The State creates an Estate plan for you. Below is outlined what the State creates for every one:
If you are married and have one child, 1/2 to your spouse and 1/2 to your child.
If you have more than one child, 1/3 to your spouse, and 2/3 to your children equally.
If you are not married but have children, equally to your children.
This plan is not ideal for every individual because many families today are blended, including second marriages or children from past relationships. If an individual uses just the estate plan the State executes then assets may not be divided properly within the blended families. This is why an estate plan tailored to the individual is essential!
This blog entry serves as educational purposes only and does not constitute legal advice.