Do you have a legal plan in place in case you should end up being psychologically disabled or in the occasion of your death? If not, your household might face a long and difficult time in court. When you do not have an estate plan to deal with end-of-life concerns such as the distribution of your property and guardianship for your children, 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 oversee the procedure of dispersing your properties.
That suggests that if properties need to be sold to pay off existing debts, your household won’t necessarily have a say in which properties 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 children’s well-being. If both you and your partner die without a guardian plan in place, the court will choose who gains custody of your children. The individual chosen might not raise your children as you would like, or your children may even enter state care if no one is readily available to take them. By planning ahead, you can choose a correct and ready guardian for your children.
When more than one marriage occurs, your estate planning can get a little insane as you take into account your present spouse or partner, kids with an ex-spouse, and step-children. What happens if you do not have a plan? Your step-children or a domestic partner might be left out of receiving any property or cash. Other relatives that are not instant family might likewise be locked out of your estate.
What if you become mentally unsound? Your estate plan can likewise consist of a plan for your care. This medical file may also determine your dreams concerning life assistance. No medical estate plan in place will suggest that intestacy laws and the court will decide who makes medical decisions for you.
If the idea of the government making choices for you alarms you, and you want to make certain your household is well cared for after your death, be sure to create an estate plan today.