During the next 30 to 40 years, the baby boomer generation is expected to leave approximately $30 trillion worth of inheritances to their children. These individuals will want to prepare their wills and estates the right way in order to limit the possibility of infighting among heirs and other issues that could develop relating to an estate following one’s death. Fortunately, by following several key pieces of advice, New York residents can avoid a lot of common estate planning pitfalls.
For one, it is important for baby boomers to prepare their children on what to expect. According to one survey, most adult children overestimate the size of the estates they will inherit by a full $100,000. By informing children ahead of time what they will likely receive in an inheritance, it will help them know what the decedent’s intentions were. This can also help to limit the chances of infighting among family members who could be surprised by an inheritance share they expected to be larger.
Another important step in the estate planning process is to consider whether children will receive an equal share of one’s inheritance. In order to limit the chances of fighting among family members, experts say that estate planners can try to distribute their assets as equally as possible. Another way to ensure peace is to make a list of tangible assets, like jewelry, art and other items and indicate who will receive what on that list.
There are other strategies that can help New York estate planners keep the peace in their families after their deaths. Fortunately, a qualified estate planning professional can help with the estate planning process to makes sure that any problems are avoided. Indeed, the expense of hiring professional assistance now will more than pay for itself in the long term.
Source: aarp.org, “How to Leave an Inheritance to Your Kids” Jean Chatzky, Sep. 29, 2014