A comprehensive estate plan ensures that wills, trusts, ownership forms and beneficiary designations are in sync with your wishes. Is your plan up-to-date?
As the old adage puts it, most folks do not “plan to fail, they just fail to plan.” In this sense, leaving an inheritance behind can get a bit tricky and can take some expert guidance to do it well.
This business of leaving an inheritance was taken up by Forbes recently in an article titled “How To Inherit Wealth Without Screwing Up.” (Incidentally, it is hard to inherit wealth without screwing it up, but this piece has far more to do with the ways you can leave it behind and screw it up, in spite of the title).
When it comes to inheritance planning, there is the will itself and then there is the estate plan. For all the drama (both literary and real drama) surrounding the will, it only does so much. Truly, the will only assists with the probate process, but that has nothing to do with retirement accounts that have a named beneficiary, bank accounts that transfer on death, or assets held jointly with rights of survivorship. Not to mention insurance policies and a host of other sources of legal and fiduciary clutter.
The estate plan is the concept that pulls it all together and considers your life, your assets, and your family in a holistic way.
The key point of the article is that leaving an inheritance requires understanding and appreciating the big picture. To get it down right, for the good of your family, it helps to have competent legal counsel in your corner.
Reference: Forbes (November 22, 2013) “How To Inherit Wealth Without Screwing Up”
