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. Hiring an estate lawyer to draft a plan for the distribution is always the best cause of action. This will keep your loved ones safe and reduce any chances of internal wrangles. When you find yourself heading a family; you need to do this, not just when you could be dying. The law requires you act now or leave them suffering.
Intestacy laws are the default application when there are no other legal instructions in place. Children are regarded as part of someone’s estate. The governing authorities will, therefore, decide where they end up. This could potentially put your child under the care of a stranger. That alone should serve as enough motivation for all concerned parents. Your loved ones may suffer for long in your absence.
Those who believe that estate planning is for the rich only needs to reconsider. This notion is false, as it benefits all types of families, including those with unconventional heads. A lot of us come from families headed by our single mothers, aunts, grandparents, elder siblings, and such. Intestacy laws, however, do not recognize these family types. The property acquired by the head of such families will be distributed on a nuclear family basis.
This automatically disqualifies all of them.
Estate planning also safeguards your children financially in the long run. Intestacy laws have the effect of making anything your children get from their distribution of your wealth as income, which gives an opportunity to creditors and legal fee charges to be subtracted from that amount, leaving them with next to nothing. The same applies to inheritance. When the same inheritance is put in a trust fund, no creditor or another collector shall have access to it, therefore ensuring there is something for them. This will also give them a clearer mind in handling the finances, as well as preventing it all being wasted or abused. You also have the option of selecting someone loyal to oversee their funds.
Intestacy laws do not allow for charitable contributions. You will need a good estate lawyer to help you if you wish to leave your wealth to a charity of your choice.
All these conditions point to the importance of contacting a skilled and experienced lawyer in family law and estate planning, to guide you in your efforts in securing your family’s future in your absence. The process allows for amendments along the way, but it is important to have instructions in place, in the form of an estate plan.