It can be very important to discuss your estate planning intentions and strategies with a person who will receive a substantial inheritance. A recent study by the Survey of Consumer Finances found that the average inheritance for the middle class in the United States is $110,000. Yet another survey found that people in retirement hoped to leave nearly $177,000 to their heirs.
The passing of assets and property doesn’t always go as planned, but getting an inheritance also requires some advanced consideration of whether or not the party who will receive it is responsible enough to manage it and understands the potential financial implications. When someone dies and there is no living spouse, survivors will typically receive the estate through what is known as an inheritance. An inheritance can also include things, such as real estate, stocks and cash. If the person created a will as part of their estate plan, this will determine who receives what.
Listing beneficiaries is one simple way to accomplish creating a will but if specific items are meant to be left behind for certain people that should be clearly spelled out in a will. Inheritance can become more complicated if the deceased did not plan for asset distribution through a will and it will be the responsibility of the appointed personal representative or executor to confirm that this is the case and to follow the state laws of succession for an estate without a will. If you want to make things streamlined and easy for your loved ones, contact an experienced estate planning lawyer to learn more.
As Pasadena estate planning attorneys who have worked in this field for years, we know that each person has their own goals when it comes to the process. We work with you to align your individual goals with your estate planning strategies. Contact us for a consultation about your planning today.