Should You Tell Your Beneficiaries What They Will Inherit?
Estate Planning, Will, Trust and Inheritance Attorneys, Palm Beach County and Martin County FL
The development of your individual estate plan involves a number of highly personalized and unique decisions.
Every adult, regardless of the value of their estate, should carefully consider what their needs and wishes are for distribution of their assets once they are no longer here, and they should document those wishes accordingly in a comprehensive estate plan.
Depending on your individual circumstances, those needs and wishes can involve numerous beneficiaries of your estate, and it may be helpful to verbally communicate your written intentions to your beneficiaries in advance of your passing.
On the other hand, we have spoken with many clients who, for a variety of reasons, do not want to tell their heirs how much money they have. As an example, the desire for secrecy is sometimes due to wanting the children to rely upon themselves and not to think that they can act recklessly with their own money because they will be inheriting a substantial amount of money.
Another example is a desire to avoid uncomfortable conversations with relatives who are not as well off and ask for money to help them out.
There are situations where beneficiary decisions are relatively simple and straightforward, whereas others are highly complicated.
Whatever the reasons behind why those decisions are made, it is strongly recommended that you work with knowledgeable, experienced estate planning attorneys who are also compassionate and skilled in guiding clients through their family dynamics, so as to make the best decisions possible in their given circumstances.
At Kitroser Lewis & Mighdoll, we consider listening and clear communication to be foundational elements in the successful development of each client’s estate plan.
We offer more than 100 years of combined attorney experience across all areas of Estate Planning, Will & Trust creation, Elder Law and our other relevant practice areas.
If you need to create your highly personalized estate plan, we look forward to working with you soon.
North Palm Beach Office: 561-721-0600
Jensen Beach Office: 772-763-1400
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