• Cole Gorman

Thoughts on what can be done with an inheritance

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.

0 views0 comments

Recent Posts

See All

As you begin planning your estate, you will need to consider not just who you trust to provide support for your loved ones and who should receive your property but also your responsibilities. Debts ca

Did you know that most adults in this country do not have an estate plan? It should be a high priority since everyone will eventually need one. But studies have found that roughly 2/3 (or 67%) of the

You are probably familiar with the basic documents that comprise an estate plan. But you may not have heard of a letter of intent or know what is usually in it. Learning more about it can help you dec