Talk about common mistakes with heirs in your will

When you are creating your estate plan, the thought about how your heirs will handle their inheritance after you are gone has probably come to mind. While it is easy to fall into the trap of thinking that it is their business about how they spend money or deal with assets after you are gone, it is something that is worth talking about when you discuss your will. Oklahoma residents might like to know about some of the common mistakes heirs make so they can discuss them with those named in the will.

The first mistake some people make is just taking what they get and not making a plan for it. Instead of doing this, they should seek expert advice about how to handle the inheritance. Tax considerations and laws governing specific accounts are some of the areas in which they may need guidance. Getting expert advice can also help them to avoid spending the money carelessly, which can stop future problems.

Another issue that some heirs will notice is that their inherited property causes negative feelings in the family. This is especially true if another family member didn't get the inheritance they were expecting. One way that you can suggest heirs keep down the negative feelings is by not showing off the fruits of the inheritance.

Finally, heirs to an estate should make sure they aren't too giving with the inheritance. While there is nothing wrong with helping others or using part of an inheritance to leave a lasting mark on the world in your memory, it is important for them to use the inheritance in the manner you intend.

All of these topics can be brought up when you are speaking to your beneficiaries about your estate plan. Making your wishes clear to them can help them to prepare for making choices when you are gone. You should also make sure those wishes are spelled out legally to ensure they are followed when you pass away.

Source: U.S. News & World Report, "5 Inheritance Mistakes for Heirs to Avoid" Susan Johnston, Jul. 15, 2014

No Comments

Leave a comment
Comment Information

111 N. Peters Suite 440 Norman, OK 73069 Phone: 405-701-5355 Fax: 405-701-2830 Norman Law Office Map