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. 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. 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. 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. The law requires you act now or leave them suffering.
There are state intestacy laws which will automatically apply in case there are no instructions on how the estate should be handled in your demise. Children, in the eyes of the law, are part of the estate. AS such, their custody is determined by the government. This could potentially put your child under the care of a stranger. No another motivation is required to get people acting. The death of a family head affects their surviving members in more ways than just finances.
Estate planning is not just for the wealthy nuclear families only. The benefits of estate families is the right of everyone. 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. The property acquired by the head of such families will be distributed on a nuclear family basis.
This automatically disqualifies all of them.
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 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. This will also give them a clearer mind in handling the finances, as well as preventing it all being wasted or abused. 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. You will need a good estate lawyer to help you if you wish to leave your wealth to a charity of your choice.
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.