Most fathers today are not fully educated on many issues governing their roles as the head of the family and their rights over their properties. Perhaps, it is about time for you to read The Fathers' Right Asset Protection Plan by Dennis Gac. This very comprehensive material enumerates critical issues and rights a father must assert. One of the focuses of this book is understanding the importance of a will.
Dying without a will is essentially the act of leaving all your assets and properties to the state. The danger here is that your valued possessions may be given to a person you distrust. To further document your intentions on how you want your wealth to be distributed when you pass away, it is recommended that you execute a will. Specifics like giving your vacation house at French Riviera to your eldest daughter, your ancestral house in Spain to your 2nd son will be enclosed with a will, or that 60% of your corporation be given to a chosen charitable institution.
More than the re-allocation of your assets, a will is very important when you have minor child or children. A will allows a parent to nominate a guardian who will be responsible of the minor's welfare. Although courts have the final say when talking about child custody, they would normally honor the deceased parents' wishes. Without a will, the state will be the one to nominate a guardian for the child. What is risky about this is your child may live with someone you do not completely trust, or, depending on the relatives and family around the area, they may end up being placed in foster care after your death. This typically goes against the standard wishes of parents, so naming someone as a guardian is an important thing to address in your will.
No comments:
Post a Comment