Taking The Right Approach To Inheritance
December 17, 2014
Estate planning is something that many families avoid, sometimes until it is too late. Others believe they have done enough, but minor details end up being a great hassle to heirs unexpectedly. It is a good idea for Florida residents to follow some simple guidelines to ensure that their estate is handled the way they expect it to be after their death.
One of the most common problems with an inheritance is a simple lack of understanding between parents and children. Many children do not see an inheritance as money but rather as a measure of how much a parent loves them. When one sibling gains less than another, that sibling often feels that the parent loved them less. It is always best to be open and honest to adult children when it comes to inheritances. It is important to fully explain any differences in inheritance amounts and the reasons for the difference.
Sometimes, seemingly well planned inheritances are derailed by technical details. For example, beneficiaries must be properly named on all documents or the wording of a will or trust may not have the intended effect. A fully detailed will and properly named recipients for all assets is important. If certain details are not handled, then many of the assets may enter probate or other prolonged legal hassles that can not only delay the transfer of the inheritance but can also consume much of the wealth in the process.
The devil is certainly in the details when it comes to inheritance planning. That is why having an attorney to look over documents and check certain details is very important. Even after discussions are made and wills are drafted, an attorney can check the wording, ensure that everything is in order and prevent small oversights from undermining the intended inheritance process.