The holidays are a time when families get together. In some cases, this means that people who haven't seen each other all year long are once again together. Even though it might seem like it isn't really a good idea, these gatherings might be a time when you get people together to let them know what's in your estate plan.
Reasons to discuss your estate plan at a family gathering
Estate planning from an heir's perspective
Many people who think about estate planning think about things from the creator's perspective. Some people don't stop to think about what estate planning means for the heirs and beneficiaries. It is important to think about both sides when thinking about this process.
Inheritance and estate plans can all come full circle
Finding out that you are going to get an inheritance is a big boost. Even if the inheritance isn't particularly large, it is a morale boost to know that your loved one cared about you enough to leave you something. Now, it is time to plan what you are going to do.
Make plans to keep your inheritance protected
An inheritance is the final way that a loved one can tell you that he or she loves you. When you receive one, you have to make sure that you handle it correctly so that you don't end up losing the things left to you.
Understand the collection process when a loved one dies
When your loved one dies, you think that what they own is going to come to you. One thing that you might not be prepared for is that bill collectors might come calling. It is important for you to learn about what you can do if they do contact you.
Learn your options when someone questions an inheritance
When a loved one dies and you know that you are supposed to get an inheritance from that person, you are likely waiting on it. The point isn't the money or the stuff. Instead, it is knowing that your loved one cared enough about you to leave you something. Unfortunately, some people opt to battle over inheritances, even when the person who is receiving the inheritance is clearly supposed to get it.
What's the best way to spend your inheritance?
Whether you knew it was coming or you are surprised by a sudden windfall, you may wonder how best to spend your inheritance. Many people use the unplanned money to splurge on items they've always wanted or fund a family vacation, but here are four tips for spending your inheritance wisely and making it last as long as possible.
More potential heirs cut from Prince estate case
A judge recently denied the claims of two women in the Prince estate case, saying that state law did not support them as heirs. The two women reportedly based their heirship claim on the fact that they were related to a man who was close -- but not biologically part of -- Prince's family.
Three things to do when you receive an inheritance
Managing an inheritance can be stressful. While most people are glad to inherit valuable property or large sums of money, the responsibility and decision-making that come with it can be daunting. That's especially true if you aren't accustomed to managing large accounts or properties.
Should you keep a large inheritance a secret?
The gift of an unexpected or large inheritance can be so helpful to a Kentucky resident's life. However, many recipients of inheritances have a lot of question about the best way to go about managing them. One common question that we hear relates to whether inheritance recipients should disclose to family and friends that they received the money.
