Giving or receiving a family inheritance is a double-edged sword. On one side, it is good and wonderful. It reminds you of the heritage of the family. It also reminds the next generation of the family’s hard work and diligence. On the other, it can be dangerous. Mismanagement and misunderstanding may result in the destruction of the bond of the family. Knowing its unpleasant side, it is important that the giver understands the value of estate planning.
If you want to keep disputes on family inheritance at bay, it pays that you know these things:
The first thing you need to do is count all your assets, from antiques to stocks. Create a list and categorise the entries based on tangibility and liquidity. Doing this will let you estimate how big your estate is. Once you have a list, you will find it easier to think and plan who will receive which.
Since you really have no idea when you will leave the world, it will be safe if your family have something to hold on to once you go. With that, do not delay estate planning. Do it while you are still hale and hearty. If you fall seriously ill, you will be in a bad position to state all your wishes.
Other than a confidant or a confidante, you will need people who will look after your will should you pass away. Choose trustees and executors you believe will not be biased. You should consult a legal team, preferably lawyers or solicitors in Townsville specialising in conveyancing and estate planning, such as connollysuthers.
Estate planning is not just for those who have sizeable assets. It is for anyone who wants to keep certain disputes at bay. It is for people who want to protect their family.