Estate Planning is No Laughing Matter
Depending on the part of the world you live in, April Fool’s Day was either yesterday or the day before. We did our small part in promoting the general good humor of the day by posting another in our series of strange laws. But, for every odd law still on the books, there are dozens more which are no laughing matter.
One of the most important areas of law—one which will effect every living person—is estate law. Whether you have a plan for the future or not, your estate will be affected by the law when you pass away.
Although none of us likes to think about it, we will eventually pass on, and if we haven’t taken care of our estate before that happens, it will be up to the courts to decide who to divide our estate. This is especially troublesome for people with children.
If you don’t have a proper will, stating who is to become the children’s guardian in the event that both parents die, it will be up to the courts to decide.
While the courts will generally try to place children with family in this type of situation, they could end up with your irresponsible sister instead of your aunt who will make sure that they eat their vegetables and finish their homework every night. Similarly, if you feel that your best friend will be a more suitable guardian for your children than any of your relatives will be, you must make it clear in your will that you want him or her to become the children’s guardian, rather than a family member.
The only way to determine for sure who will take care of your children, and what will happen to the rest of your estate after your death, is to make sure that you have written a proper Last Will and Testament.
For more information about Estate Planning, visit LawDepot’s Estate section.
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