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 local governing authorities shall have the right to distribute it as they see fit. This could leave the family poor, which is not the ideal situation. 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. 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. This could potentially put your child under the care of a stranger. This is a great push for any parent to do the right thing. 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. A lot of us come from families headed by our single mothers, aunts, grandparents, elder siblings, and such. Intestacy laws only recognize the nuclear family setup. In case the head passes on, the distribution of property and child custody shall be on a platform that does not match with the family.
This automatically disqualifies all of them.
Estate planning also safeguards your children financially in the long run. 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. When the same inheritance is put in a trust fund, no creditor or another collector shall have access to it, therefore ensuring there is something for them. They will also be better able to manage it with time, and grow not to think of wasting it all in one go. You also have the option of selecting someone loyal to oversee their funds.
Intestacy laws do not allow for charitable contributions. Only a lawyer whose specialty is estate planning can assist you to leave such instructions over your wealth.
All these conditions point to the importance of contacting a skilled and experienced lawyer in family law and estate planning, to guide you in your efforts in securing your family’s future in your absence. With time, you can make changes to your instructions, but it is important for there to be at least basic instructions.