How a Poor Estate Plan Can Cost Your Children Money
Setting up an estate plan is not always the most enjoyable activity, but it’s worth the effort because of who you’re setting it up for — often your children. With an estate plan, you can give your children a gift, and you want to leave them as many of your assets as possible.
However, what if your estate plan is set up so that your children may receive only a portion of what you intend — or the estate might even end up costing them money? We will discuss mistakes that can lead to these unfortunate situations, and how to avoid them.
Disputes over your estate or neglecting to set up an estate plan that includes a will or trust can result in the need for your assets to go through probate court for distribution. Going to court to address your estate can cost your children money in the following ways:
Trusts are multifaceted and can cost your children money if they are improperly set up in regard to the following areas: management, recipients and special needs eligibility.
Without precautionary measures, your estate can be vulnerable to taxes and seizure. Be sure to prepare your estate for the following situations.
You go through the effort of creating an estate plan so you can leave a gift to your children. Reviewing the above components of your estate plan can help ensure not only that your effort counts, but that your children easily receive your gift as you intended.
If you would like help ensuring your children receive exactly what you plan for them to inherit, and you want to avoid costing them money, contact the lawyers at SLN Law. We will help make the estate plan process more beneficial for you and your children.
slnlaw is a law firm in Sharon Massachusetts providing business, employment law and estate planning services to individuals and small businesses