If you are like most people, you would have worked hard to establish a name for yourself. It may be that you have spent multiple decades to get to where you are now. With hard work, dedication, and persistence, you are now, in all standards and measures, successful. Over the years of working tirelessly, you would have amassed a considerable amount of estate and now that you are in your latter years, you constantly think of building a legacy. After all, even the great ones have their time to say goodbye.
You probably are contemplating on what the “right amount” of inheritance to leave your family. Wills and estate planning in South Jordan are not without its complications. MDF Estate Planning, Inc. says it is best to pause and think hard. Here are three essential guidelines.
No to lump sum
Experts in wills and estate planning in South Jordan advise against a lump sum inheritance. Regardless if your children are all grown up or minors, it will be unwise to give the full amount in one go. The wise way to go is for the inheritance to be distributed over a longer period of time. Prevent experiencing the usual issue of parents giving lump sum to their children. Often, children who receive a large inheritance at such an early age spend it within 18 months. Imagine, your decades-worth of estate gone in just one and a half years!
Pace the distribution
If you are parents to young children, it would be ideal to pace the distribution, that is, a distribution or control of principal. The child will just have principal control when the parents pass away. This way, blowing out of the estate can be prevented.
Clearly divide he inheritance
One source of confusion when it comes to the execution of a will or estate is when it isn’t clear who gets what and when. Make sure that your will clearly has a set percentage for each of the beneficiaries. This will avoid any confusion when it comes to distribution later on.
You have spent a considerable amount of your life building your estate. Make sure that your children get to enjoy it responsibly by following these three straightforward tips.