Determining how you want your assets to be distributed after your death is only one step in the estate planning process. You should not hesitate to share your plans with your heirs, especially if the size of your estate is substantial. In some cases, there may be steps that need to occur sooner rather than later to prepare your beneficiaries to receive their inheritance.
You do not have to navigate this process alone. With the help of a skilled elder law attorney, you can carefully consider the best way to notify your heirs and ensure they have everything they need—both now and in the future.
An open and honest approach can work wonders when it comes to preparing heirs for their inheritance. This starts with communicating the reasons for coming to a final decision regarding the estate plan. Understanding a person’s thoughts and motivations can be helpful to those set to inherit.
The death of a loved one can be difficult, and conflict over their estate only adds to these challenges. By providing clear answers to how and why the estate will be divided a certain way, it may be possible to avoid harmful conflicts that can occur following a person’s passing.
It can also be helpful for the estate creator to encourage the heirs to share how they intend to use those resources in the future. This can help them appreciate what they have been given, and engaging in these discussions can also ease tension between family members in some cases.
Every good estate plan involves written documents like wills and trusts. While this formal paperwork is what will ultimately determine how property is divided between the heirs, it can be helpful to write letters to children, grandchildren, or anyone else scheduled to inherit.
These documents are commonly referred to as a letter of wishes, and they provide the estate creator with an opportunity to write out their decision in their own words. This approach is easier to understand than the formal language in a trust or will.
When authoring these letters, always remember that they are not legal documents. They will have no impact on how an estate is divided, but they can provide clarity to beneficiaries about a person’s final wishes. Often, putting the details of the inheritance in simple, informal terms can help them understand what this will mean for them.
Tax considerations go into any estate plan, and in some cases, it might make sense to give away property now instead of later. Many parents choose to part with certain accounts or real property during their lifetime instead of including it in their estate.
This is done for a few reasons. For some, it is an opportunity to provide for loved ones immediately. For others, it offers insight into how an heir will use these assets in the future.
These are only a few of the considerations for preparing your beneficiaries to receive their inheritance. To ensure you are happy with the results of your plan, reach out to an attorney right away for guidance. The team at Parks Zeigler, PLLC, is here to help.
With an office near Town Center, Virginia Beach and a second location beside the Chesapeake courthouse, our team provides quality legal representation across the entire Hampton Roads Area.
Parks Zeigler, PLLC – Attorneys At Law
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