By Casey Mullooly of Mullooly Asset Management, Inc.
It’s important to have an inheritance strategy in place BEFORE something goes wrong. Americans are living longer than before, which makes some folks believe they can put off planning for the inevitable.
But do you really want to leave behind a mess and add to the already difficult circumstances?
We’ve seen more than our fair share of estate planning nightmares. Not having a plan in place can cause years of disagreements, mountains of paperwork and a lot of unnecessary stress.
Wouldn’t it be easier to figure out your inheritance strategy ahead of time?
Having a will in place helps designate beneficiaries and determines who receives what. Wills can help avoid probate court’s costly and time-consuming nature, although it may not prevent it entirely. Of course, a will doesn’t prevent anyone from contesting it, but it does tend to make things easier. Knowing if you are one of the designated beneficiaries—and having an idea of what that inheritance looks like—can help you plan for what happens when you inherit cash or other assets.
When No Will Exists
Not having a will can make receiving an inheritance… read more