Showing posts with label Inheritance. Show all posts
Showing posts with label Inheritance. Show all posts

Monday, June 22, 2020

Legalities to Consider When Leaving an Inheritance to Minor Children in Your Will



If you are thinking of leaving bequests to minor children in your last will and testament, you should keep several things in mind. If the children receive an inheritance while they are still under the legal age of adulthood, gifts of value like money, investment shares, or anything of significant worth may be held in trust until they become adults. 

Here are considerations that may impact a child’s inheritance.

Child Custody


Children of divorced parents may be experienced with shared parenting, which means both parents oversee the financial interests of their kids. If an inheritance is left under the supervision of one parent or the other, it needs to be designated that way. 

Otherwise, either or both parents may try to gain control of the inheritance and possibly misuse it before the children reach legal adulthood.

Trusteeship


You can designate another relative or someone outside the family to serve as trustee of the children’s inheritance until they are old enough as stipulated in the bequest to receive the gift as an adult. However, the trustee should give consent and understand the terms of the bequest before you add that person to your Will. 



Considerations for any person to serve as trustee include that person’s age, health, and other responsibilities. For example, if the trustee is in the military before the kids reach legal age, could the trustee be serving overseas in a role that would make it difficult to return to the U.S. if needed?

Specific Designations


If you bequeath financial gifts to minor children without strings or guidance, the money can be used for anything when the kids grow up and receive the inheritance. If you want them to use the funds for college, travel, a car, or another specific expense, that should be clearly spelled out in your Will. 

If the gift is to be used for college, will the children receive it as soon as they enroll in college classes, when they successfully earn passing grades for a semester of courses, or when they receive a college degree?

Legal Questions


As you can see, leaving an inheritance for underage children can be challenging. It is important to be sure that your bequest is clearly explained and that the person you want to care for the gift until the children grow up is capable of doing so. Consult a trust attorney for help with arranging this type of inheritance so there will be no problems later.

Plan your bequests ahead of time by considering the details. Consult a legal authority who can help you make adequate arrangements for leaving minor children an inheritance.


Thursday, June 26, 2014

Six Things Everyone Forgets to Include in Their Will

Making a will is one of the most important things to do, but many people never bother to do so. A living will is a legal instrument designed to provide protection and support for those that will be negatively affected by your death. Even worse, those who have wills often forget some very basic considerations. Make sure your will includes provisions for these important aspects.

Review Your Will


A will is a living document and needs to be reviewed at least every other year for changes in the inheritance laws. Through the years, people become adults, they marry, have children, and become involved in schemes or business you may want to restrict. In short, everything changes and your will should change with it. In nothing else, updating your will shows that you are aware of its provisions and desire to continue with the exceptions of changes that you make.

Get Your Ducks All in a Row


Some items of personal property are not superseded by the will. This includes designated beneficiaries of life insurance, survivor’s benefits, and other items. For example, if you work life insurance lists your mother as the beneficiary she will get the proceeds even if your will says these should go to your wife and children. It is a good idea to simply re-designate beneficiaries every three to five years and to keep a list of who receives what with your will.

Owning Your Life Insurance


You might want to pay for the premiums on your life insurance, but designate the ownership to a trust or someone else besides you. The reason for this is while beneficiaries don’t pay income tax on these proceeds, if you own it, the payout will become part of your estate for tax purposes, regardless of what the will states. Don’t let the value of these items cost your family a bunch of estate taxes. 

Not Designating Personal Property in Your Will


Do you really want the people in your family fighting over your clothes, or a carefully preserved collection of baseball cards? It is far easier on everyone if you designate what you want to happen to your personal property, and this includes pets. If possible, provide several options in order of precedence. Let’s say you want your son Tom to take your cat. However, Tom can’t take your cat; his wife is allergic. So, include a couple of options so kitty doesn’t end up at the pound, or your collection in the trash.

Using an Online Kit to Do Your Will


Take the time to find a lawyer in Newmarket who is an expert in estate law to assist you with your will. If you can’t afford this now, a kit may be better than no will at all. But, as soon as you can, get that SBMB Law expert involved. They are worth the cost. Remember, each states has separate laws regarding inheritance, and of course, there are federal statues as well.

Leaving Bequests That Don’t Exist


If you leave bequests that cannot be realized by the value of your estate after the debts are paid, then decisions must be made. This could land your estate in probate, or other types of court as your heirs sue for their share. Don’t do this. Keep your debts and your bequests reasoned out and review them frequently. Remember, your funeral costs will come out of the estate as well.

As you can see, there are a great many details to include when looking at putting together a will. This is not a procedure that should be rushed, but attended to carefully by each of us.

Friday, September 20, 2013

How an Inheritance Funding Advance Could Help Your Family


Are you expecting an inheritance that you may not immediately receive? If you need to pay for expenses while the paperwork moves through the courts, there is a reliable solution. Although many inheritances are resolved quickly, inconsistencies in the will could mean you are waiting months before the funds are available. 

While you wait for a judge’s ruling, bills pile up and cause their own set of issues. On the other hand, an inheritance funding advance is easy to obtain, and it provides you with upfront cash to help you pay for what you need. 

Why Do You Need an Inheritance Advance? 


Losing a loved one is never easy, but when they leave behind dependents, being unable to access the money they left behind can create hardships. This is especially true if the inheritance will be used to pay for an elderly relative, children or a relative living with disabilities. However, there are several reasons why an inheritance can be delayed. In some cases, this delay can last for several years. 

Why is My Inheritance Delayed? 


When a person dies, the courts can become involved for several reasons including wrongful death or inconsistencies around the cause of death. In some cases, it can take coroners several months to determine why a person has died. 

This means that the death certificate is on hold, and this delays dispersal of any inheritance monies. Nevertheless, the primary issue that can delay an inheritance includes probate court and inconsistencies in the will. In some states, probate court is called surrogate or orphan’s court. 

Can I Get an Inheritance Loan for an Intestate Death? 


When someone dies, the estate that they leave behind is dictated by the last will and testimony. In this case, this is referred to as a testate. Sadly, when a person dies and does not leave a will behind, this is termed as an intestate death and all property falls into the courts’ hands. In these cases, an inheritance loan can still be obtained upon review by a lending agency. 

How Do Inheritance Advances Work? 


When you apply for an advance on an inheritance, the paperwork is carefully reviewed by loan officers. Although you may not understand the legalese of the process, the trained professionals involved will help you determine why you are accepted or denied. Once the application is approved, the next step is dispersal of the loan. 

Typically, a bank will give a loan and charge an interest rate along with a monthly repayment plan. On the other hand, when you use an inheritance loan service, they typically charge a fixed rate. This means that you will get your estimated inheritance advance in a lump sum minus the fees of the loan agency. When the inheritance is finally approved by the courts, the loan advance company will collect what is owed to them. 

What If I Do Not Get My Inheritance? 


In rare cases, the people due for an inheritance are denied their benefits from the courts. This action can be appealed, but it certainly makes everyone nervous. If this occurs, the proper course of action is to repay the loan as if it were distributed by the bank. 

Regardless, most people do not need to worry about this unique mishap. Instead, many satisfied customers will tell you that getting an inheritance advance beats paying late fees and discontinuation fees from overdue bills. For all of these reasons, when you need an advance on your inheritance, do not hesitate to utilize a company like Inheritance Cash Advance to call on the advice of professionals.



Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics