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. 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. You will manage to protect your family, and avoid there being conflicts over property. When you find yourself heading a family; you need to do this, not just when you could be dying. 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. This could potentially put your child under the care of a stranger. That alone should serve as enough motivation for all concerned parents. When the family head dies, it is not just money that is lost.
Estate planning is not just for the wealthy nuclear families only. The benefits of estate families is the right of everyone. 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.
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. 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. 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. This is also an opportunity to appoint a manager of those 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.
The pending catastrophe in your family should make anyone rush to an estate lawyer’s office and putting these instructions in place. The process allows for amendments along the way, but it is important to have instructions in place, in the form of an estate plan.