When there are no instructions on what should be done to a family’s estate upon death of the leader, it is in grave danger of being lost. It is up to the local government to see how it shall be disbursed. This could leave the family poor, which is not the ideal situation. 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. 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. The law requires you act now or leave them suffering.
The government uses intestacy laws in such circumstances. Children, in the eyes of the law, are part of the estate. The governing authorities will, therefore, decide where they end up. This could potentially put your child under the care of a stranger. 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. Many of us come from unconventional family setups. 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 is also for the good of your children financially. 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. The lawyer could also guide you on how to choose a suitable guardian to the wealth.
Under intestacy laws, you cannot donate any part of your wealth. Individuals who feel the need to leave their wealth to a charitable organization will have to do so through the services of an experienced estate attorney.
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.