Estate planning is pivotal to anybody especially if they own any property and it’s more considered so that in unlikely situation you face death, there can be a legally binding document that shows and details how your properties ought to be shared and owned.
One of the prime mistakes people do is not planning for their estates and this means you don’t give entitlement to your wife or children as to which share of your properties they should have and this is risky as when you die, you expose them to a lot of court battles and family feuds that disintegrate and destroy the previous bonds that existed as everyone will be fighting for their share.
Another mistake that comes with lack with will in your family is that your family and children won’t have a guardian that you may prefer in case you die and this is common for parents to die and leave children as orphans with no guardian meaning they will need to undergo lasting court sessions to determine the guardians to the children.
One of the deadliest mistakes people do is not evaluating and examining their wills to update it to their current states and this translates into leaving out some of their newly acquired items and kids that are disastrous as the kids will later complain and seek legal redress to have the properties shared.
When you fail to create a valid will and unfortunately you become incapacitated or in dementia, the banks and the courts will order for freezing and withholding of your properties as you can’t be able to act on the real you and this means you won’t be able to help your relatives and including a controller in such issues in your will is imperative.
In situations where you have covered your life with insurance premiums, its exquisite to include all such details in estate planning so that the kin will have easy time accessing all the compensations, but where you have not included, they will need to battle it out in courts to get directions which can be time-consuming and tedious.
In case you have already laid out perfect plan as to how you will want burial and death to be handled, it’s essential to include it in your will such that the family and other people that will be working on your will can find it and do accordance to your will, but when you don’t attach such details, there may be no elaborate plans as to how you wanted your death to be handled.