It’s rare to look forward to the passing of a loved one, but many people can’t help but wonder about their future inheritances. Executors and trustees, who are in charge of handling the final affairs, typically have to share the information about the value of the estate to the heirs and beneficiaries, which makes it easy for those heirs to try and do some mental math and figure out their individual shares of the metaphorical pie. However, don’t go spending that money yet; often an inheritance is less than expected, because the estate usually has to settle a number of expenses before anyone can receive their shares.
While these expenses might be costly, the majority of them are easily prevented through a few simple steps. Easy ways to maximize the amount of property and money for your heirs include:
Making steps to plan your estate today can save your family a lot of added stress and heartache down the road, especially while they are grieving. It’s important to be open and honest with your loved ones, so that they understand your wishes. Not all expenses can be avoided, and loved ones need to understand that they may not get the inheritance they might have expected.
We are here to assist you and your family as you have these discussions. If you have any questions or would like us to to help facilitate that conversation, call us at (951) 304-3431, or email us at firstname.lastname@example.org. We are available for in person and virtual appointments.