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. The authorities of the day are left to distribute it to their discretion. The deceased family will be left unattended, which should not be the case. 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. 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 regarded as part of someone’s estate. AS such, their custody is determined by the government. Your child’s future home maybe not what you would like. No another motivation is required to get people acting. Your loved ones may suffer for long in your absence.
Estate planning is not just for the wealthy nuclear families only. 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 only recognize the nuclear family setup. The death of heads of such unconventional families will spell doom for the surviving members.
This automatically disqualifies all of them.
Estate planning is also for the good of your children financially. 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. Inheritance is also treated similarly. 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. This will also give them a clearer mind in handling the finances, as well as preventing it all being wasted or abused. This is also an opportunity to appoint a manager of those funds.
Another disadvantage of intestacy laws is the lack of a provision for charity donations. You will need a good estate lawyer to help you if you wish to leave your wealth to a charity of your choice.
The pending catastrophe in your family should make anyone rush to an estate lawyer’s office and putting these instructions in place. Over time, people tend to allow a few changes in their previous instructions, but they only enjoy this provision when there are instructions in place, to begin with.