The underlying questions demonstrating the need for estate planning is "What happens if I die without a will?" You may think that if you leave nothing behind stating how you want your assets to be dispersed, your family and friends in Wakefield may be allowed to make such a decision themselves. Unfortunately, that is not the case. If you die without a will, then your estate is considered to be "intestate." The guidelines for dispersing such estates are left for the state to determine.
Losing a loved one can make daily life very challenging or even seem unbearable. Entire families may be overwhelmed with emotional pain and other hardships that surface in the wake of a loved one's passing, such as financial difficulties and estate matters. Whether you are the executor of your loved one's estate or you are a beneficiary, this may be a difficult time. However, it is critical for you to make sure that you properly handle any responsibilities you have and do what you can to make this tough time a little bit easier.
We have written about some of the reasons for guardianship, such as an adult who is struggling with a mental handicap which leaves them unable to take care of themselves. Guardianship is a great way for people who are unable to care for themselves to receive the support they need on a regular basis, but there may be times when a particular guardian is no longer providing someone with the level of care they deserve. Becoming a legal guardian is an important responsibility, and some people are not ready to handle these duties.
A part of estate planning is considering the cost of long-term medical care, such as for a nursing home or in-home assistance. It is unwise to bank on family and friends being able to take care of you when the time comes. Even if loved ones express willingness now, circumstances can change that make them no longer able to become your caregivers.
There are a number of reasons why you may need to go over your will again, such as the loss of someone you love or filing for a divorce. If you are considering bringing your marriage to an end, or if you have already completed the divorce process, it is crucial to make sure that you do not overlook any necessary revisions to your will. Outside of divorce, there are other significant changes that may occur in your life involving your loved ones, and it is important to be aware of how these changes could affect your will.