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. 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. 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.
Intestacy laws are the default application when there are no other legal instructions in place. Children are regarded as part of someone’s estate. The governing authorities will, therefore, decide where they end up. Your child ill likely end up living with people they don’t know. That alone should serve as enough motivation for all concerned parents. When the family head dies, it is not just money that is lost.
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 only recognize the nuclear family setup. The death of heads of such unconventional families will spell doom for the surviving members.
They will not get anything out of the estate.
Estate planning is also for the good of your children financially. 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. 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.
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.
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.