If you have recently received a large inheritance, you probably have questions about the best way to protect it and the steps that you should do in order to minimize any potential consequences of improper planning.
Putting aside an emergency fund with cash that can be easily accessed in the event of a crisis is the first step you should take. However, looking towards the future, estate planning is also a crucial component of a long term view.
There’s a good chance that your inheritance in and of itself was due to someone else’s comprehensive estate planning. You also want to ensure now that if something happens to you before you are able to use those assets in full, that someone else is empowered to take them on and use them.
If you have minor children, the need to conduct appropriate estate planning is even more crucial because children under 18 years of age are not able to legally take possession of assets outright. Scheduling a consultation with an estate planning attorney can help you address questions such as:
· Maintaining separate property.
· Whether wills or trusts should be used.
· Powers of attorney.
· Guardianship.
Having the funds to now pay for the experience provided by a knowledgeable estate planning attorney can help you plan ahead for the future more effectively.
