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Virginia Beach Estate Planning Lawyer / Blog / Estate Planning / Inheriting Money? It’s Time To Talk To an Estate Planner Yourself

Inheriting Money? It’s Time To Talk To an Estate Planner Yourself

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A recent study conducted by Free Will found that many heirs who are set to receive inheritances in the short term future would be more likely to work with a financial advisor after they inherit.

Working with a financial advisor and identifying other professionals to help you with your planning process is extremely important for covering your bases when you’re intending to inherit money. A sudden influx of money can generate many opportunities, but also the possibility for mistakes and questions. Having a team of professionals surrounding you to help you navigate this process as a place for you to turn to to get your questions answered is very valuable.

The support of a dedicated and knowledgeable attorney is essential for figuring out what estate planning looks like for you. Estate planning answers critical questions around what happens to your assets after you pass away. This is extremely important for someone receiving an inheritance who now needs to create a plan for what happens to that money or assets if something happens to them.

Estate planning, however, also addresses important considerations about who takes care of your affairs if you’re unable to do so. Managing that big inheritance could become something named under a financial power of attorney.

You appoint an agent under a financial power of attorney to make financial decisions for you or carry out ongoing financial tasks on your behalf. It’s very important that you contact an estate planning attorney and set up these important documents early on. You’ll avoid future problems down the road that could diminish the impact of your inheritance and your intentions for it to support you throughout your life.

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