Wen a family head passes on without leaving guidelines of distributing the family wealth, the family left behind could suffer. The authorities of the day are left to distribute it to their discretion. This could potentially leave the family in financial ruin, something that can be avoided altogether. The best the head can do is get an estate law attorney to make him/her an appropriate plan for it. This will keep your loved ones safe and reduce any chances of internal wrangles. While it is critical for anyone who has fallen gravely ill, it is just as important for anyone who has never bothered to take their time to prepare appropriate instructions over their property. Certain legal situations call for this.
There are state intestacy laws which will automatically apply in case there are no instructions on how the estate should be handled in your demise. Children are regarded as part of someone’s estate. They too shall have their custody decided by the state. Your child’s future home maybe not what you would like. No another motivation is required to get people acting. The death of a family head affects their surviving members in more ways than just finances.
Those who believe that estate planning is for the rich only needs to reconsider. The provisions of estate planning cut across all types of families. Many of us come from unconventional family setups. Intestacy laws only recognize the nuclear family setup. In case the head passes on, the distribution of property and child custody shall be on a platform that does not match with the family.
They will suffer as a result.
Estate planning is also for the good of your children financially. If your children manage to get something through intestacy laws, they could also lose it as the law will categorize it as income, from which creditors can make their deductions. The same applies to inheritance. To ensure this does not happen, the best course of action would be to set it up in a trust fund, thereby shielding it from the reach of people like creditors and other parties looking for payment or a payday. They will also be better able to manage it with time, and grow not to think of wasting it all in one go. The lawyer could also guide you on how to choose a suitable guardian to the wealth.
Intestacy laws do not allow for charitable contributions. Only a lawyer whose specialty is estate planning can assist you to leave such instructions over your wealth.
The pending catastrophe in your family should make anyone rush to an estate lawyer’s office and putting these instructions in place. With time, you can make changes to your instructions, but it is important for there to be at least basic instructions.