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Five Important Estate Planning Documents: A Will

by Norris Law Group on October 27, 2014

Five Important Estate Planning Documents: A WillMany people put off making decisions about estate planning. This is understandable, especially among people who are young and healthy. Making “final decisions” is often the furthest thing from people’s minds as they go through their lives day to day. But an inescapable fact of life is that we simply don’t know when our lives might change completely, or even end. It is never too early to make decisions about estate planning, especially for those with children.

A recent article on CNBC.com says that while most people say they should have a will, only about half of Americans with children actually have one, and only around 41% of baby boomers have a will. What is a will, and why do you need one?

A will is simply a document that outlines how you would like your personal assets to be distributed upon your passing. Without a will, the state in which you live can make decisions about who will receive your assets upon your death. Typically, assets are distributed to one’s spouse and then to any children. Your parents, siblings, and even other more distant family members may be considered as beneficiaries as well.

If a will does not clearly lay out your wishes, the distribution of your assets upon your death can become mired in difficulties, and can ultimately become an extremely painful experience for your loved ones. You can avoid this very easily by setting up your will as soon as possible. Doing so may help preserve the relationships among your loved ones, even after you leave them.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County, UT and throughout Utah, Wyoming and Idaho. Contact them today at 801-932-1238 or online for a free consultation.

 

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