Estate Planning and the State
The process is quite complex and is required by most states and legal branches of governments all over the globe, why so important. It discusses the nuances of your estate and how it will be dealt with in case you die or are rendered unable to care for yourself (legally incapacitated). Contrary to common knowledge, the state does not get ownership of your estate and any other assets in case you forget to make a will for your estate. The legal branch of government or your lawyer would look for your next of kin, or if not available, the farthest next line of your family to even your husband’s family if none are found. After all measures are exhausted to locate your next of kin and still no beneficiary is found, only then can the state take control of all your assets and liabilities.
If a family member is found to take the role as beneficiary, he/she takes control of all your designated assets and liabilities as dictated by law. All other obligations are also taken over by your beneficiaries as well as the taxes needed for such a transfer of ownership to occur. The state on the other hand can opt to rent out or totally sell off the estate, the benefits of which goes into their funds for their use. As we can see, estate planning is a very intricate yet vital part of the many legalities concerning your life and estate.