The reason why an Estate Plan is so important is that without it, your assets can wind up in legal limbo for years. This can put an unnecessary burden on your heirs and other family members who are left to deal with sorting out your finances. Besides making sure your assets get to the people you choose, planning can help minimize income, gift, and estate taxes too. No matter your age or wealth, without a well-thought-out Estate Plan, and specifically a Will, the laws in your state will determine what happens to your possessions, and the courts will decide who gets custody of your children.
