Wen a family head passes on without leaving guidelines of distributing the family wealth, the family left behind could suffer. The authorities of the day are left to distribute it to their discretion. This could leave the family poor, which is not the ideal situation. 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. 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.
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. Your child ill likely end up living with people they don’t know. 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. This notion is false, as it benefits all types of families, including those with unconventional heads. Not everyone is from a nuclear family. 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.
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. The same applies to inheritance. But when you set it up in a trust, it shall be safer, and no creditor or lawsuit payment will fleece them. This will also give them a clearer mind in handling the finances, as well as preventing it all being wasted or abused. You also have the option of selecting someone loyal to oversee their funds.
Another disadvantage of intestacy laws is the lack of a provision for charity donations. Individuals who feel the need to leave their wealth to a charitable organization will have to do so through the services of an experienced estate attorney.
When you think of how badly off your family can be in your absence, you will see the sense of calling on an estate attorney and beginning the process of instituting the necessary instructions. With time, you can make changes to your instructions, but it is important for there to be at least basic instructions.