Do you have a legal plan in location in case you should end up being psychologically handicapped or in the event of your death? If not, your household may face a long and demanding time in court. When you do not have an estate plan to handle end-of-life problems such as the circulation of your property and guardianship for your kids, state law takes control of and decides the fate of your estate.
The law that governs an estate without an estate plan is called intestacy and this law will determine who gets what, who cares for your kids and even who will supervise the process of distributing your properties.
That means that if assets need to be sold to settle existing debts, your family will not always have a say in which assets get offered. If you have antiques or family heirlooms, they might end up in auction rather than in your household’s hands.
Not having an estate plan will also impact your kids’s well-being. If both you and your spouse die without a guardian plan in place, the court will choose who gets custody of your children. The individual chosen may not raise your children as you would like, or your children might even enter state care if nobody is readily available to take them. By planning ahead, you can select an appropriate and ready guardian for your children.
When more than one marriage happens, your estate planning can get a little insane as you take into consideration your existing spouse or partner, kids with an ex-spouse, and step-children. What takes place if you don’t have a plan? Your step-children or a domestic partner might be excluded of receiving any property or money. Other family members that are not immediate family may also be shut out of your estate.
What if you end up being psychologically unsound? Your estate plan can likewise include a plan for your care. This medical file might also determine your wishes concerning life support. No medical estate plan in place will suggest that intestacy laws and the court will decide who makes medical choices for you.
If the concept of the government making decisions for you alarms you, and you wish to ensure your family is well taken care of after your death, make sure to produce an estate plan today.