Wanting your kids to be wealthy after you’ve passed on is difficult yet necessary to think about. It can be complex to determine how much you want each child to have and the right tools to pass your wealth down to them. How would you prepare your children for their future inheritance? Read on to learn important information regarding this process in Tennessee.
How much are they going to receive?
Estate planning is an incredibly important part of the process of handing over your wealth. It should be conducted with patience and the guidance of an experienced attorney. Perhaps the most problematic part includes determining how much each child is going to receive. There will be various factors that come into the equation that could determine the dollar amount for each person. You could ask yourself include how much wealth each child has already or what their maturity level is. The last thing you want is to have a child waste the money you’ve worked a lifetime to earn.
Explaining your final decision
The reality of this situation is that you are more likely to think about how much each child is going to receive than your children themselves. It is understandable for them to raise questions as to why they may not be getting more. This is where communication comes into play. You may want to provide each child a letter of why they are being given what they are given. This can greatly reduce the chances of your will being contested or your family arguing with each other.
The process may sound simple, but there are a lot of moving parts to prepare your children for an inheritance. It may be beneficial to discuss your concerns with an experienced estate law attorney.