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Family Law Focused on Estate Planning A family’s estate could be left in jeopardy if…
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. It is up to the local government to see how it shall be disbursed. 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. 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. The law requires you act now or leave them suffering.
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. They too shall have their custody decided by the state. 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.
Those who believe that estate planning is for the rich only needs to reconsider. This notion is false, as it benefits all types of families, including those with unconventional heads. Not everyone is from a nuclear family. The laws of intestacy were made with nuclear families in mind. 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 also safeguards your children financially in the long run. 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 not spared this treatment. To ensure this does not happen, the best course of action would be to set it up in a trust fund, thereby shielding it from the reach of people like creditors and other parties looking for payment or a payday. 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.
