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What Happens to Property if There is No Will in Place?

Every good estate plan will incorporate a last will and testament to ensure that your possessions, wealth, and property are passed on to your loved ones after you die. But even the most prepared person can’t plan for everything in life, and when tragedy strikes, it’s often difficult to figure out the legalities and requirements for determining possession rights and property distribution.

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Beneficiary Designations

It’s a known fact that you should make your will early, even if you have no intention of passing away anytime soon. Putting a will in place ensures that your last wishes are on paper, and able to be communicated to your surviving family members. It helps you plan for their futures, even if you can’t play a physical role. No matter what your financial status, a will is important for establishing your estate. But most people don’t think beyond their wills, and fail to truly consider the beneficiary designations they have to establish in their wills, financial accounts, retirement accounts and more.

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