After a loved one passes, one of the biggest hurdles families face is passing wealth onto the next generation. Unfortunately, family dynamics can spur conflict and infighting among descendants.
Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.
When dealing with the emotional pain of the loss of a loved one, family members also have to address daunting administrative tasks.
Do you expect your parents to leave you a financial legacy? Nearly half of working-age Americans assume that they will receive an inheritance that will support them later in life, according to a survey by financial services company HSBC. Perhaps the bigger question, though, is how to even approach this topic with your parents.
Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.
Unfortunately, due to hidden resentments, siblings still tend to end up in court suing each other and losing great chunks of their inheritance in the process all too frequently.
A will itself is a legal document that describes the process of splitting up one’s personal property and possessions among family and loved ones.
For most of us, considering the distribution of the property we have accumulated over our lives is a painful reminder of our mortality.
What happens when a decedent’s will or trust does not provide for a decedent’s child?
The distribution of some of our assets can be governed by contracts. Examples of these contracts include life insurance, investment accounts, bank accounts and trusts.
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