Approximately 1.7 million households in the United States receive an inheritance on an annual basis. But additional research has found that almost 75% of those beneficiaries have lost their inheritance within just a few years.
What might seem like a financial blessing and important gift from you could come with strings attached, especially as it relates to the possibility of family conflict.
Family conflicts are, in fact, the most common setback linked to getting an inheritance, according to research from TD Wealth.
Beneficiary distributions could be left up to the probate court in charge if your estate plan has not been properly drafted. One of the most powerful tools to decrease the risk of family conflicts after you pass away is a trust.
This legal device includes instructions about when and how the assets should be distributed to beneficiaries. The selection of an appropriate trustee is critical for ensuring that the trust is properly managed after you pass away.
Claims against an adverse trustee could be a costly and complex process that leads to further division and stress for beneficiaries. Discuss your potential options for naming a trustee with your Massachusetts estate planning lawyer.
