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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. If you hadn’t left any legally binding guidelines, the state would have to do it for you. You therefore need to ensure your family is provided for should you pass on. You will need a lawyer to help you in this exercise.
Failure to divide and distribute your wealth will present the state with an opportunity to do so for you. There being no explicit instructions on what manner you wanted your estate divided, the intestacy laws will take effect. The the state will decide who is fit to acquire your wealth. Even who gets custody of your kids is up to them. Since you had not made provisions for this, the government steps in. When you think of how your child will be raised by people you don’t know, it becomes very unsettling. It is therefore important you plan for the future, as your death will have far reaching effects on your family.

Estate planning is not the preserve of the rich. It is for all family types, regardless of who is the head. Be it a single mother, an older sibling, or a grandparent, estate planning is their responsibility. The state intestacy laws follow the nuclear family setup when it comes to wealth and child custody decisions. It is therefore vital for the diverse family types present to draft a document that will safeguard their unique types of families.

Your kids will benefit from such a plan too. When they get their inheritance through intestacy laws, it is at risk from creditors. The law recognizes inheritance as a source of income. This means it can be directed towards settling the bills from lawsuits or divorces. The the option of having it directed to a trust fund safeguards your children’s inheritance. 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 could also go with the alternative of choosing the one you completely trust to make decisions on their finances till they get to a responsible age.
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The state intestacy rules do not tolerate any charitable contributions. 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.
Engage the services of a proficient lawyer to oversee your estate planning journey. Starting early will give you ample time to divide the wealth well. You are allowed to make changes to this document with time, but should you delay in drafting the first copy, that opportunity may never come your way. Never leave to chance what you’ve worked so hard for. Secure their lives in your absence.What Do You Know About Businesses