Wen a family head passes on without leaving guidelines of distributing the family wealth, the family left behind could suffer. It is up to the local government to see how it shall be disbursed. The deceased family will be left unattended, which should not be the case. The best the head can do is get an estate law attorney to make him/her an appropriate plan for it. This the surest way to protect your loved ones, and reduce fights over wealth. While it is critical for anyone who has fallen gravely ill, it is just as important for anyone who has never bothered to take their time to prepare appropriate instructions over their property. There are motivating factors to this end.
The government uses intestacy laws in such circumstances. Children, in the eyes of the law, are part of the estate. They too shall have their custody decided by the state. Your child ill likely end up living with people they don’t know. That alone should serve as enough motivation for all concerned parents. The death of a family head affects their surviving members in more ways than just finances.
There is a common belief that estate planning is for the wealthy alone. The benefits of estate families is the right of everyone. Many of us come from unconventional family setups. 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 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 not spared this treatment. 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. 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. The lawyer could also guide you on how to choose a suitable guardian to the wealth.
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. 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.