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 authorities of the day are left to distribute it to their discretion. 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. This the surest way to protect your loved ones, and reduce fights over wealth. 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. They too shall have their custody decided by the state. Your child’s future home maybe not what you would like. This is a great push for any parent to do the right thing. 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. 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. 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 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. The lawyer could also guide you on how to choose a suitable guardian to the wealth.
Intestacy laws do not allow for charitable contributions. You will need a good estate lawyer to help you if you wish to leave your wealth to a charity of your choice.
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.