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The Importance of Estate Planning When you pass on, your assets could be in jeopardy if you did not plan for this eventuality. There being no legal documents, the government shall be the one to decide how they are shared. You have to take steps to ensure they will be comfortable in case you are no longer there. An the attorney will come in handy at this point. In case you are yet to apportion your wealth, the state will do it for you. The intestacy laws kick in when you have not left any guidelines on how you wanted your wealth to be handled after you pass on. The the state will decide who is fit to acquire your wealth. They shall decide who shall be the kid’s guardian. If you had not arranged for one; the state will come up with a substitute. For parents, the idea of your child being raised by a stranger is shocking. It is therefore important you plan for the future, as your death will have far reaching effects on your family. It is not just the wealthy among us who need to plan for their estates. It applies to all kinds of families, despite who heads them. Single mothers, older siblings, grandparents, they all need to do this task. The state laws normally distribute wealth and child custody by the nuclear family setup. This makes it even more critical for the special kinds of families to have in place estate planning documents to protect the members. Your children will be grateful you made such provisions. When they receive their inheritance via the channel of intestacy rulings, that amount is at risk from creditors they may have. The law recognizes inheritance as a source of income. This means it can be directed towards settling the bills from lawsuits or divorces. If however you arrange for it to be in a trust fund, you have protected it. Keeping it secure in a trust fund also removes the chances of it being wasted by the kids through bad decisions and lavish living. You also have the option of selecting someone you trust to oversee their finances until they come of age.
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The laws of the state have no provisions for charitable donations. In the event that you feel the need to do charity work you will have to get a lawyer to make such provisions in your documents. Employ a skilled attorney to guide you through this process. The earlier you begin this plan, the more time you will have to make rational choices. As time goes, you can edit the document, but have in place the first draft, to avoid complications. Be the one to decide how your family lives. Arrange for their safe future.A Quick Overlook of Lawyers – Your Cheatsheet