Planning for what happens to their estate is the last thing on a person’s mind while he is still in good health. If you are someone with considerable wealth and properties and advancing in age, you would do well to start thinking about what will happen to your estate in the event of your death. You don’t know when death will come knocking at your door and it is not safe to assume that it will still take years before that happens. The day of your death will never be known to you or anyone else, and even young people die every day. With this in mind, now is the best time to discuss with an estate attorney that things needful in preparation for your death. Below are some other reasons why this is the best thing you could do.
We are all too familiar with the scene of families fighting over inheritance in movies and books. Nobody wants their family fighting over their fortune after their departure. You wouldn’t want them taking legal actions against each other over inheritance. When the time comes, this will surely happen, if you have not prepared for its eventuality. You estate will then be accessed by court order depending on its size. If you have a will and testament then everything is easily settled and your loved ones can focus on grieving for their loss.
If you have children under 18, you will need to appoint a guardian by law. If there is no such appointment, it is the court who will decide on who will take care of your children. Sometimes, because of their lack of knowledge on the workings of your family relationships, the court will assign guardianship to the closest member of the family in the best financial position. This might not be what you want for your young children. And this is the reason why, as early as now, you need to appoint whom you want to be your young children’s guardian. On a checklist for settling an estate, appointing a guardian should be near the top of that list.
If there is no will your family is bound to fight over their inheritance. Who will get what should be determined and disclosed to your estate attorney. When things are settled properly, there won’t be any family shattering fights to expect.
While you are still healthy, make sure that you discuss and make a will before an estate attorney. You will be greatly stressed to create a will when you are already sick. The main benefit of preparing a will long before you fall ill is the great peace of mind that you will have knowing that your estate will be properly handed how to your family when you pass away.