3 Common Myths About Estate Planning Demystified

3 Common Myths About Estate Planning Demystified

Elderly couple having an estate planning consultationWhen someone passes on or becomes physically or mentally incapacitated, a relative or a loved one is usually expected to manage and inherit the individual's property. But until an estate plan has been written, your assets may not benefit the intended beneficiaries.

Most people would rather discuss something else than an estate plan. This avoidance has resulted in many lies being peddled about estates.

Here are some of them.

1. The state gets everything if you die without an estate plan

The state can only provide laws that dictate who gets their hands on your assets when you die. However, it’s not entitled to any of your property as far as Townsville family law and any other state law is concerned. Your spouse and kids should be the first in line, your parents and siblings second. However, an estate plan is still necessary since it doesn’t just help assign assets to the right people but also determines who takes care of your family when you are not there. Best consult an experienced family lawyer if you're clueless about how to proceed.

2. The probate process takes long

Sometimes there's conflict among family members and relatives over property division. In addition, the creditors might take too long before they file their claims against assets of the diseased. These are some of the issues that would prolong the probate process. Otherwise, it shouldn’t take more than a year before it’s administered and closed.

3. The surviving spouse is not entitled to anything

In a marriage, there are independently earned assets and marital assets. For independently earned assets, you can freely make arrangements and assign them all to kids or any other party of your choice. But the surviving party in any marriage is legally entitled to a section of marital assets, whether there is a will in place on the same or not.

There is always something that you own to your name. And, since the last thing you will want is to leave your loved ones suffering, it’s essential that you write a will that clearly states specific individuals and the fraction to which they are entitled.

When someone passes on or becomes physically or mentally incapacitated, a relative or a loved one is usually expected to manage and inherit the individual's property. But until an estate plan has been written, your assets may not benefit the intended beneficiaries. Most people would rather discuss something else than an estate plan. This avoidance has resulted in many lies being peddled about estates. Here are some of them. 1. The state gets everything if you die without an estate plan The state can only provide laws that dictate who gets their hands on your assets when you die. However, it’s not en ...

Crucial Child Custody Issues Specific to Military Couples

Crucial Child Custody Issues Specific to Military Couples

Child Custody Letter BlocksChild custody laws are complex and overwhelming for separating and divorcing couples, but more so if one of them is an active military member. Generally speaking, getting a child custody order or creating a child custody agreement is the same for civilian families. All parties involved should decide on child custody issues based on the child’s best interests.

Specific Considerations for Child Custody

Primarily, military parents should consider the potential impact of reassignments and deployments when determining child custody issues. Some active servicemen might be reassigned to another state or country, and some might be deployed abroad without notice. Under typical circumstances, a military parent can’t just bring a child to another country or state because it would violate child relocation rules or a child custody order, explains a top family attorney in Colorado Springs.

On the other hand, military parents generally know that there’s always the possibility of reassignment or deployment and could include provisions for these in their child custody arrangements. Bearing this in mind, military parents must inform their family attorney about these possibilities so that they could figure out the best way of going forward.

For the most part, however, most courts would require that parents keep their children in a situation that best serves their interest. This means that if the court decides that the military parent should be the custodial parent, then it’s in the child’s best interest to live with the military parent. But some legislators and military members are concerned that courts might deem military parents unsuitable as custodial parents due to the possibility of reassignment and deployment.

Due to this, legislators have tried passing laws that would require courts to take into account other factors aside from the military status of the parent. These laws didn’t pass however since they favor the military parent’s best interests and not the child’s. Also, plenty of states already permit military members to postpone court actions such as child custody disputes during deployment.

Other Vital Things to Note

Since reassignments and deployments could be disruptive to the lives of children, enlistment might be challenging or impossible for single parents. With this in mind, if you are planning on enlisting and already have children or are already enlisted and are facing a child custody dispute, consult a family attorney to discuss the most appropriate options for your case.

Child custody laws are complex and overwhelming for separating and divorcing couples, but more so if one of them is an active military member. Generally speaking, getting a child custody order or creating a child custody agreement is the same for civilian families. All parties involved should decide on child custody issues based on the child’s best interests. Specific Considerations for Child Custody Primarily, military parents should consider the potential impact of reassignments and deployments when determining child custody issues. Some active servicemen might be reassigned to another state or country, ...