If you leave them a large inheritance, can they handle it?
The goal of determining the correct amount of an inheritance that will help your children, yet not hinder them in creating their own careers, is a challenge, according to the Wills, Trusts & Estates Prof Blog in “New Focus for Estate Planning.”
The key to resolving this tension is to understand that estate planning can be about more than just transferring a lot of assets to heirs. With a traditional will, heirs get all of the assets at once, which leaves open the possibility that assets will be misused.
There are many kinds of available estate planning tools that can be used to make sure that heirs do not waste their inheritances.
Many types of trusts will help preserve the assets.
An estate planning attorney can guide you in creating the estate plan that fits your specific circumstances, and is in the best interest of your heirs.
Reference: Wills, Trusts & Estates Prof Blog (May 17, 2017) “New Focus for Estate Planning.”