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. It is up to the local government to see how it shall be disbursed. 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 the surest way to protect your loved ones, and reduce fights over wealth. When you find yourself heading a family; you need to do this, not just when you could be dying. Certain legal situations call for this.
The government uses intestacy laws in such circumstances. Children are also considered part of your estate. The governing authorities will, therefore, decide where they end up. Your child’s future home maybe not what you would like. This is a great push for any parent to do the right thing. Your loved ones may suffer for long in your absence.
There is a common belief that estate planning is for the wealthy alone. The benefits of estate families is the right of everyone. Not everyone is from a nuclear family. The laws of intestacy were made with nuclear families in mind. The property acquired by the head of such families will be distributed on a nuclear family basis.
They will not get anything out of the estate.
With time. Your children will appreciate the gift of estate planning. 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 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. They will also be better able to manage it with time, and grow not to think of wasting it all in one go. 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. With time, you can make changes to your instructions, but it is important for there to be at least basic instructions.