Many people think they have a simple estate and do not need a will or estate plan. However, below are five common situations that turn a simple estate complicated.
- Minor children. Minor children cannot inherit property, including monetary assets, outright, and must be held in trust until the child reaches the age of 18.
- Multiple properties. Multiple properties can make the probate process take longer and can result in extra expenses for the administration of your estate.
- Blended families. Step-children and step-parents can make intestate distributions difficult, if you pass, your spouse could receive 100% of your estate, and your adult children would get nothing, then when your spouse passes, it would go to their children (your step-children).
- Children who are not financially responsible. If your children inherit your property outright, they have the ability to spend his or her money on anything they want. If you do not set up a trust or give guidelines as to when your children can receive their inheritance, an 18 year old, could inherit thousands of dollars outright.
- Beneficiaries who receive government benefits. If you have children, grandchildren, or another beneficiary that receives government benefits, they may lose those benefits if they inherit your property outright.
If you want to learn more on how to solve these complicated estate planning problems, call us to schedule a consultation!