Do You Have Inherited Assets? Estate Planning is Even More Important

Estate planning can be complicated no matter who you are, but knowing how your assets and investments will be divided among your beneficiaries after passing on can give you a lot of peace of mind and it can also decrease your stress level about the potential pitfalls that your beneficiaries might have to cope with due to lack of planning.

One common issue for many people is wondering how their stock portfolios will be transferred from one individual to another when a person dies and who should have access to those investments before or after this occurs. If the stock portfolio is part of an individual’s trust, then the choice may be out of your hands and you may not be able to add another individual to the account even if you wanted to. Another important component is where the person lives when they pass away. Inheritors could be tied up in the court system, trying to obtain rightful assets with a revocable trust if the proper planning procedures have not been taken.

Receiving an asset as an inheritance http://host.madison.com/business/investment/markets-and-stocks/what-to-do-with-a-large-inheritance/article_eefb5cc8-5913-5998-9aea-5ea226d8849d.htmlfrom someone else is a special opportunity, but if you’re not going to exhaust that inheritance while you’re still alive, you should consider how you’ll add it to your own estate planning.

If you have inherited assets, you need to think not just about how these will be used over the course of your lifetime but how you intend to pass them on to others. Consulting with an experienced estate planning attorney is one of the most important steps that you can take to protect your interests.