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What should parents consider regarding their child’s inheritance?

On Behalf of | Oct 28, 2020 | Estate Planning

Most parents in Florida want to leave their children with a sizable inheritance after they die. But before they sign off their entire estate to their children in their will, they should consider whether it will improve their children’s lives or drive them into financial ruin. If they’re worried about their children’s spending habits, they should do their best to prepare their children for their upcoming inheritance.

What to consider when determining children’s inheritance

During estate planning, parents should consider how much of their assets they want to leave to their children and how it will affect them. For some children, an inheritance could change their life for the better. It might allow them to pay off debts, buy a house or pay for their education. But other children might recklessly spend the money and end up thousands of dollars in debt.

Before they pass away, parents should do their best to prepare their children for their inheritance. They should let them know what to expect and advise them to spend it wisely. If they feel that a large inheritance might ruin their child’s life, they might consider donating a portion of their assets to charity instead. They should also try to educate their children on making smart financial decisions throughout their lives.

Legal guidance during the estate planning process

Working with an attorney from the beginning might make it easier for people to plan their estate. An attorney may help their client take stock of their assets and divide up their properties according to their wishes. They might also help their client plan for unforeseen events. Additionally, an attorney might help their client periodically review their estate plans and make changes to accommodate major life events, like a divorce or the birth of another child.