Estate Transfer & Heir Planning:
Estate transfer and heir planning is one of the major parts of any estate plan. This specifies each heir and the portion of your estate each one is to receive. It will also dictate the manner and timing of when and how the heirs are to receive the inheritance. For example, if you have a substantial amount of money you wish your minor child or grandchild to receive, you can name the child, the amount and at what age he/she is to receive any monies. You can have the money disbursed in a full amount or as a yearly amount. Although this can be done in a will, in order to avoid probate and the loss of some of the money through court and legal fees, the best way to do this is to establish a trust. A trust will also protect the estate from any judgments and liens and also minimize the taxes due upon your death.
Some of the heir planning issues that you have to consider include:
- Are the heirs to receive equal shares? You may have one particular heir to receive more assets than the other for certain reasons. Without a plan in place, heirs will receive equal shares.
- How is the inheritance to be dispersed? You can choose various methods according to the age of the heirs and whether or not you want the money to be used for a specific purpose, such as to purchase a home or to pay for college expenses. You can specify whether or not you want your heirs to receive money each year, or every six months or all at one time.
- You can avoid a lot of problems at the time of your death by specifying what particular assets each heir is to receive. You may want one heir to receive the family home and another to receive the equal value in money or other assets. You may have a caregiver or lifelong friend that you would like to pass something on to. Having this specified in the estate plan ensures that this person gets the gift that you want him/her to have.
- You can choose to omit or disinherit any of your heirs.
- Many married couples have children from former marriages, who would not be considered as part of the estate under ordinary circumstances. You may want to include all of these in your will. In order for this to happen, you will have to have them named as heirs to your estate.
- You may have your estate built up before you get married and may have certain people designated as heirs. Having an estate plan will let you have your estate go to your heirs and not those of your husband or wife.
- You can make provisions for a child who seems to go through money as if it were water. Having the specific outline regarding how this person is to manage the money or receive it will help to alleviate any fears that you have about how this person will survive without your guidance.
- You will want to provide for any disabled heirs, such as including provisions for their care. This is a big concern for many parents with either mentally or physically handicapped children because they worry about what will happen to them once the parents are no longer alive.
- You also have to make provisions in case your heir dies before you do.
- You can deal with specific gifts to family members, such as nieces and nephews or any gifts that you want to give to your favorite charity.
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