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Family Law Focused on Estate Planning

A family’s estate could be left in jeopardy if their head did not leave legal instructions as to how they were to be handled in their death. The local governing authorities shall have the right to distribute it as they see fit. 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. 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 are also considered part of your estate. They too shall have their custody decided by the state. This could potentially put your child under the care of a stranger. 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 provisions of estate planning cut across all types of families. Many of us come from unconventional family setups. Intestacy laws, however, do not recognize these family types. 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. 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 also treated similarly. But when you set it up in a trust, it shall be safer, and no creditor or lawsuit payment will fleece 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.

Under intestacy laws, you cannot donate any part of your wealth. 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.

The pending catastrophe in your family should make anyone rush to an estate lawyer’s office and putting these instructions in place. With time, you can make changes to your instructions, but it is important for there to be at least basic instructions.

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