A potential $68 trillion wealth transfer is in the mix in the coming years for African Americans, but a significant lack of estate planning could affect heirs and beneficiaries in these families. Designating who receives your possessions after you pass away is only one part of this process, even though it is an important one. Start by thinking about investments, real estate, cash and cars.
Who would you want to receive these assets if something happened to you? You might discover as you start listing assets that you own more than you thought you did. This can make it even more important to work with an experienced and knowledgeable estate planning lawyer.
Planning ahead is essential, especially when it comes to keeping property or money in your family. You might wish to use basic estate planning tools, such as a will that give you clarity on who will be appointed to take care of your minor child if something happened to you; or you might use more advanced tools, such as a trust because you were concerned about one of your heirs receiving a significant inheritance.
No matter which route you pursue, you deserve to have the insight provided by an experienced estate planning lawyer. An estate planning lawyer can help you to protect your family and articulate what is most important in your individual legacy, including creating plans for charitable giving. Don’t wait to consult with an attorney because the sooner you do so the easier it will be to cross this off your to do list and know that your family is protected.