When a loved one passes away and leaves an inheritance, there can understandably be a range of emotions. Of course, who wants to lose a loved one? Most people would trade the money or assets that they will inherit for having their loved one back. Others may not know what to do because they feel like the property they have received is sacred and they don’t want to do anything that would desecrate or harm it. Then there are others, who believe that they are entitled to all the property that they are given and then some.
Regardless of the feelings involved, an inheritance can represent a substantial change in a person’s life.
This may call for changes in the person’s financial dealings, as well as their own estate plan (if they have one already). For instance, a person who receives a large inheritance may have to adjust their will so that they can make provisions to pass on some of the wealth to other generations and beneficiaries. Also, a trust may be appropriate so that young future beneficiaries can have the protections necessary to prevent them from squandering a large inheritance.
For those who want to be financially responsible, it is prudent to work with an estate planning attorney who has experience in the financial planning industry so that the gift a loved one leaves behind reaches its full potential. It is never too early to plan for something like this, even if you are not expected to receive a windfall.
The preceding is not legal advice.