Understanding the Law

Two Affairs To Conclude With A Estate Planning Lawyer Immediately

Not many people think of their end. In fact, it is unsurprising that you probably avoid thinking about your death completely since this is the attitude most people have regarding this subject. However, passing on is a certainty. And not having any control over when it will happen should have you sober up and work towards having all your wishes legally resolved while you are still around, rather than leaving this up to the state upon your demise. Granted, you will want to settle a multitude of legal issues eventually, but two main matters are of utmost importance. Irrespective of your age, here are two affairs to conclude with an estate planning lawyer immediately.

Who will take over the guardianship of your children?

One of the primary reasons people hire an estate planning lawyer is to conclude on who will take on the custody of their kids. You could be thinking that being young and in good health means you can postpone settling this affair, but the reality is that accidents happen. And if you are to pass on unexpectedly without having established the individuals that will have guardianship over your children, it could mean your kids will have to either move in with your parents or one of your siblings, or end up being separated!

Hiring an estate planning lawyer will be invaluable to you since it gives you a clear conscience that you have left your kids with someone you trust and someone who will accord them the care and love they need. Furthermore, it also solidifies the future of your children since they will receive a semblance of the life that you provided them.

Who are your beneficiaries?

The second affair that you need to conclude with an estate planning lawyer is your preferred beneficiaries. If you have had a stable job during your adult life, whether high-paying or not, it is likely that you have accumulated some assets in your name. Anything ranging from artwork to money in your bank accounts will be deemed as assets that will either pass on your kids (if you have them), go to beneficiaries, or end up being split amongst distant relatives that you may not even be on speaking terms with!

So what determines asset division? When you pass on without a will and do not have any children, then your assets go to your parents. If your parents have passed on, they are transferred to your siblings. But if you were an only child and your parents passed away, then your assets are divvied up to relatives on your parents' sides of the family! Thus, if you want to avoid any misunderstandings or debates regarding how the personal belongings will be shared, it is imperative to list all the beneficiaries you want to leave your estate to, and this will be legally binding.