In this article, you can discover…
- How to protect your beneficiaries and their inheritance.
- How to help protect an estate from creditors or divorce.
- The steps to establishing a meaningful legacy plan.
What Does It Mean To Protect Your Beneficiaries In Estate Planning?
If a beneficiary comes into a very large amount of money all at once it can be overwhelming, and you may wish to keep them from spending large amounts on something silly or highly risky. Releasing money over time, at certain ages, or in smaller amounts every month through a trust can help a beneficiary use these assets more carefully, on needed expenses or wise investments.
It’s also not uncommon for the spouse of a beneficiary to seek uncomfortable amounts of control over that wealth. A trust can be established to help protect the heir’s money and protect your wishes for those assets.
Finally, if wealth is simply released all at once through a will, this could disqualify a special-needs beneficiary from needed help. A trust can be built to take this into consideration if a beneficiary receives a type of assistance (such as Medicaid) that limits how much money they can receive monthly.
What Are Common Mistakes That Could Affect My Beneficiaries?
Being overly specific in your plans is a common mistake. Insisting that a beneficiary sell your house after you pass may leave them at a loss if the economy is in a recession. Giving the heir the opportunity to hold onto that house for a few years and rent it out before selling for a profit under a stronger economy would be better.
The best way to safeguard an inheritance is with a trust that allows for reasonable flexibility while still taking into consideration your beneficiaries’ special circumstances and needs.
Attorney Sam Mansoor is a compassionate estate lawyer who has helped clients just like you throughout Virginia. Working for over 10 years, he can help you craft meaningful and sensible estate plans with the right safeguards in place for your loved ones.
Have further questions about estate planning?
Give Legacy Law centers a call today at (571) 260-0827 to schedule an initial consultation.
Can A Trust Help Protect Assets From Creditors, Divorce, And Tax Exposure?
Certain kinds of trusts can help protect your wealth from foreseen and unforeseen loss. Trusts can be crafted so that assets are released only for certain reasons, such as college tuition. Alternatively, a trust can be designed to protect money from transfer during a divorce or for use as a way to pay off debt.
How Can I Create Meaningful And Worthwhile Legacy Plans?
The best way to make sure that your legacy plans truly reflect your wishes, values, and character is to have a series of conversations with a seasoned, observant estate lawyer. The more you talk and explore your options, the greater a sense of your unique situation an attorney can develop.
Who do you want to take care of your minor children should something happen to you? Should you make provisions for a beloved pet? How would you like your money to be distributed if you don’t have children? Letting a professional and objective lawyer help you build the right estate plans is a key part of making sure that these plans reflect your wishes, family situation, and specific concerns.
What’s more, an astute lawyer can help you protect inexperienced beneficiaries, funnel your wealth wisely, and make sure that your family is provided for over generations.
For more information on Safeguarding Your Inheritance In Virginia, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (571) 260-0827 today.
Attorney Sam Mansoor is a compassionate estate lawyer who has helped clients just like you throughout Virginia. Working for over 10 years, he can help you craft meaningful and sensible estate plans with the right safeguards in place for your loved ones.
Have further questions about estate planning?
Give Legacy Law centers a call today at (571) 260-0827 to schedule an initial consultation.
