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 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. You will manage to protect your family, and avoid there being conflicts over property. This exercise should not be done by only those facing death, but by anyone in charge of a family. The law requires you act now or leave them suffering.
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, in the eyes of the law, are part of the estate. The governing authorities will, therefore, decide where they end up. Your child ill likely end up living with people they don’t know. No another motivation is required to get people acting. Your loved ones may suffer for long in your absence.
There is a common belief that estate planning is for the wealthy alone. The provisions of estate planning cut across all types of families. Not everyone is from a nuclear family. 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.
They will suffer as a result.
Estate planning also safeguards your children financially in the long run. 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. Inheritance is not spared this treatment. 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. The lawyer could also guide you on how to choose a suitable guardian to the wealth.
Another disadvantage of intestacy laws is the lack of a provision for charity donations. Only a lawyer whose specialty is estate planning can assist you to leave such instructions over your wealth.
When you think of how badly off your family can be in your absence, you will see the sense of calling on an estate attorney and beginning the process of instituting the necessary instructions. The process allows for amendments along the way, but it is important to have instructions in place, in the form of an estate plan.