Why is estate planning so important? Even if you have a small estate, estate planning allows money and property to be distributed according to your final wishes.
Your assets include any real estate you own, bank accounts, stocks, bonds, personal property, and retirement accounts; and bank accounts. What happens to your assets when you pass away? You may think that these items automatically stay with your family. Unfortunately, this is not always the case. If you die without a valid will in place, the state may divvy up your assets according to local laws.