Mt. Juliet and Lebanon TN
Every since you held your children for the first time, you knew you would help take care of them for the rest of their lives. Now, they are all grown up, and you want to continue helping them even long after you are gone. If you have children, you have probably thought about leaving your assets to them. Deciding how to set up an inheritance for your children can be a difficult process and most people are not sure where or how to start.
When deciding to leave an inheritance, there are three principles to keep in mind, Wills, Trusts, and Beneficiary Designations. Depending on your needs, you may need one or all three of these aspects for your inheritance.
A Will is a common place to start. This document outlines who should receive your assets that are not bound to your probate estate. A Trust allows you to bypass the legal proceedings of a probate court. You can specify whether or not you want your beneficiaries to receive all their inheritance immediately upon your death, or specify certain conditions or timeframe to be reached before any or all inheritance is disbursed. A Beneficiary Designee appoints who will receive specific assets upon your death such as your life insurance and retirement accounts.
Some other points to consider are to discuss your plans with your loved ones. Let them know your decision and why you decided the distribution the way you did. Also, consider letting your loved ones decide on material items they would like to have after you pass. This option may help you better determine who gets what, especially for sentimental or noteworthy items.
Deciding on how to leave an inheritance can be stressful, which is why Yancy Belcher, attorney at law, helps by listening to your wishes and concerns while considering the Tennessee state laws to ensure your children do not run into any legal hassles along the way. Contact us today for a consultation. We welcome clients of Mt. Juliet, Lebanon, and Hermitage, Tennessee.
