You can leave gifts of money or possessions to favorite charities, a church or individuals such as children or grandchildren. It might be helpful to look at how planning, or lack of planning, can affect you and your loved ones. No estate planning Proper estate planning Children possibly are disinherited. Children receive inheritance. Spouse can be left without sufficient income.
Spouse has adequate income.
Family relationships can be destroyed. Family relationships remain intact. Family business can be lost. Family business can stay in the family. Estate taxes may be greater than with planning.