Wen a family head passes on without leaving guidelines of distributing the family wealth, the family left behind could suffer. It is up to the local government to see how it shall be disbursed. This could leave the family poor, which is not the ideal situation. Hiring an estate lawyer to draft a plan for the distribution is always the best cause of action. This will keep your loved ones safe and reduce any chances of internal wrangles. 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.
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. The governing authorities will, therefore, decide where they end up. This could potentially put your child under the care of a stranger. That alone should serve as enough motivation for all concerned parents. Your loved ones may suffer for long in your absence.
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. A lot of us come from families headed by our single mothers, aunts, grandparents, elder siblings, and such. 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.
This automatically disqualifies all of them.
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. 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. 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. You also have the option of selecting someone loyal to oversee their funds.
Under intestacy laws, you cannot donate any part of your wealth. 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. Over time, people tend to allow a few changes in their previous instructions, but they only enjoy this provision when there are instructions in place, to begin with.