Wen a family head passes on without leaving guidelines of distributing the family wealth, the family left behind could suffer. The local governing authorities shall have the right to distribute it as they see fit. This could potentially leave the family in financial ruin, something that can be avoided altogether. The best the head can do is get an estate law attorney to make him/her an appropriate plan for it. You will manage to protect your family, and avoid there being conflicts over property. 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.
Intestacy laws are the default application when there are no other legal instructions in place. Children, in the eyes of the law, are part of the estate. AS such, their custody is determined by the government. Your child’s future home maybe not what you would like. That alone should serve as enough motivation for all concerned parents. 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. Many of us come from unconventional family setups. The laws of intestacy were made with nuclear families in mind. 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 also safeguards your children financially in the long run. Intestacy laws have the effect of making anything your children get from their distribution of your wealth as income, which gives an opportunity to creditors and legal fee charges to be subtracted from that amount, leaving them with next to nothing. 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. They will also be better able to manage it with time, and grow not to think of wasting it all in one go. This is also an opportunity to appoint a manager of those funds.
Another disadvantage of intestacy laws is the lack of a provision for charity donations. Only a lawyer whose specialty is estate planning can assist you to leave such instructions over your wealth.
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.