The following article will cover:
- The importance of estate planning to prevent disputes among children over the estate.
- The need for proper estate planning protections to ensure assets are distributed according to preferences.
- Strategies for protecting shared marital assets and inheritance from irresponsible children through estate planning.
How Can I Make Sure My Kids Don’t Fight Over My Estate?
To prevent disputes among your children over your estate, ensure that your wishes are clearly documented in a Will, Power of Attorney, or Trust.
My Children Are Financially Responsible. Do I Still Really Need Estate Planning Protections In Place For Assets And Other Inheritance We May Leave Them?
Even if your children are financially responsible, proper estate planning is essential. Without it, your assets may be distributed through intestacy to your surviving heirs, which might not align with your preferences. At a minimum, consult an attorney to ensure that your assets have the correct beneficiaries named and your Deed is properly titled.
Can I Protect My Shared Marital Assets From My Step-Children, And Ensure My Own Children Receive A Fair Share Of The Value Of Those Assets?
Your strategy for protecting shared marital assets depends on the type of asset and how it is owned. Some assets may designate beneficiaries upon the owner’s death. However, a house may pass by the entirety to your spouse if you predecease them, allowing them to distribute it as they wish. You can place assets in a Joint Irrevocable Trust and provide distribution instructions upon both of your deaths to ensure fair distribution.
How Can We Protect Inheritance From Irresponsible Children?
To protect an inheritance from irresponsible children, you can specify, through a Will or Trust, the age(s) at which they will receive their share. It is also possible to make multiple distributions as the child reaches certain ages.
When Should I Worry About Estate Tax Protection For The Assets I Am Planning To Leave Behind After Death?
It is crucial to address estate tax protection for your assets as soon as possible. The future is uncertain, and consulting with an estate attorney can provide valuable guidance in protecting your assets.
For more information on Strategies To Avoid Estate Disputes In NY, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (914) 350-3842 today.
