One of the primary goals of any estate plan is to ensure that assets end up in the right places after passing away. Through careful planning, a Florida adult can plan for the support of loved ones, and one way to do this is by leaving kids an inheritance. There are different ways to accomplish this, and the best approach to this specific estate planning goal depends on factors that are specific to the individual situation, including the size of the estate and the parent-child relationship.
Making fair and practical choices
Some parents simply want to split their estate evenly between their children, or they want to the executor to sell estate assets and share proceeds between their heirs. However, there are situations when this would not be the most practical or effective approach. For example, if one adult child lives at home to act as a caregiver for his or her parents, the parents may want to leave their home to that child after they pass away.
There are situations in which an adult child may have special needs that require ongoing care. Leaving a direct inheritance may not be best, but certain types of trusts may provide the opportunity to set aside and protect assets for the care of the child. Regardless of how a parent intends to leave an inheritance, it may be helpful to discuss plans and intentions with loved ones in advance.
Look to the future with confidence
Planning for the future is not always easy. It will help to make decisions with an experienced Florida estate planning attorney to create a strategy that will be effective and meaningful for years to come. An assessment of the estate and goals will provide insight regarding the best way to leave an inheritance to children.