A family’s estate could be left in jeopardy if their head did not leave legal instructions as to how they were to be handled in their death. The local governing authorities shall have the right to distribute it as they see fit. This could potentially leave the family in financial ruin, something that can be avoided altogether. There is need to contact a lawyer and draw up a plan of what should happen in case of your death, if you are the head of the family. This will keep your loved ones safe and reduce any chances of internal wrangles. This exercise should not be done by only those facing death, but by anyone in charge of a family. There are motivating factors to this end.
The government uses intestacy laws in such circumstances. Children are also considered part of your estate. AS such, their custody is determined by the government. Your child ill likely end up living with people they don’t know. That alone should serve as enough motivation for all concerned parents. Your loved ones may suffer for long in your absence.
There is a common belief that estate planning is for the wealthy alone. This notion is false, as it benefits all types of families, including those with unconventional heads. Many of us come from unconventional family setups. Intestacy laws, however, do not recognize these family types. 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 not get anything out of the estate.
With time. Your children will appreciate the gift of estate planning. When intestacy laws grant your children your wealth, it is treated as earnings, which their creditors can gain access to. 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. The withholding of such amounts, which tend to be huge, until a later part of their lives, guarantees they will not misuse it, and will learn a fair share of responsibility before gaining access to it. This is also an opportunity to appoint a manager of those funds.
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.