As the name suggests, inheritance planning is the process of considering who will get what when and how much you should give them in the event of death. This can be important if you do not have enough money to distribute according a plan after funeral expenses are paid.
In fact, there are certain Inheritance Plans you can use as a template to create your own plan. These include the Lawton Plan, The Beckett Plan, The Stepinac Plan, The Goodman-Ponipic Plan and the Whelan-Reilly Plan. All of these plans assume financial stability and adequate planning for loved ones before anyone else.
Financial security refers to having a plan that covers expenses for one year while taking into account possible changes in circumstances such as changing investments or changes in expectations. It also includes knowing that someone else will take care of needs such as medical and funerals expenses.
Who should prepare an inheritance plan? 3) What should be included in an inheritance plan? 4) Who are potential heirs? 5) What property should be included in the inheritance plan? 6) Is there family business property? 7) Does a heir have special needs? 8) What are the tax implications of my plan? 9) Do I want to leave a gift to charity in my will? 10) What is the role of the lawyer during preparation of the plan
In general, it is recommended that a person not prepare an inheritance plan for someone who does not have significant needs. However, there are some situations where a very detailed plan is needed to ensure safety and security of property.
In some cases, heirs are not financially prepared for the property they receive. In other cases, the deceased did not have a detailed plan and they were left with only what they wanted in the absence of this plan. This can lead to arguments about property value and distribution.