Many people find discussing the topic of estate planning to be a difficult one but the good news is that if you take the appropriate steps to plan well in advance, you can structure a way that your children receive an inheritance should you wish to do so.
A new study conducted by the Insured Retirement Institute indicates that only 46% of boomers believe that it is important to leave behind an inheritance for their loved ones. In previous years when the same study was conducted, that number was closer to 66%.
One of the primary reasons that baby boomers have challenges thinking about leaving behind an inheritance is because they need to consider their own longevity and potential healthcare needs in the future.
Consulting with a knowledgeable lawyer well in advance can help you articulate your individual goals both while you are still alive as well as for what will happen to your property after you pass away. Finding an estate planning attorney you can trust is an important component of the process.
To allow you to walk through all the different options associated with your estate planning, you may determine that you need additional strategies along with a will such as using a trust to articulate your estate planning goals. Do not hesitate to reach out to a knowledgeable estate planning lawyer if you have further questions.