You’ve probably seen it in the movies or on TV hundreds of times: A close-knit family gathers for the reading of the will of a wealthy patriarch or matriarch. When the terms are revealed, someone benefits at the expense of someone else, causing a ruckus. It may even come to blows.
In their trust they leave each other their share upon death and then I would be trustee when my last parent dies. I’m really concerned about this whole deal.
Sometimes the persons involved either die simultaneously, i.e., too close in time to determine clearly who survived the other or die very close in time to each other.
If the prospect of consolidating your assets into a series of complicated legal documents while directing the right assets to the right heirs seems daunting, you’re not alone.
Should inheritance be spent on sports cars and jewelry?
A special needs trust allows the beneficiary–your family member–to receive government benefits, while still receiving funds from the trust.
When transferring wealth to the next generation, many families prefer to make gifts to younger family members in trust, rather than gifting the assets outright. Gifting assets to a trust has many advantages, including asset protection, tax planning and maintaining family control until the beneficiary reaches adulthood.
The first thing to realize is that as soon as you marry, your spouse is granted certain inheritance rights under law. However, these rights of inheritance can be waived or modified by using an anti-nuptial agreement, or as its more commonly known, a pre-nuptial agreement.
If you think Estate Planning is simply the creation of a will or trust, you are missing a large portion of information, and could potentially have assets that do not flow according to the plan you have set up in your will or trust.
By planning in advance, you have the say as to who receives which assets. The people you care about are more apt to receive your property.
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