When you’re ready to start thinking about your legacy to your children, it’s time to consult an estate planning lawyer . Your lawyer will draw up the documents for you and answer any questions you may have about estate planning in Tracy. For example, some parents automatically name the eldest child as the sole beneficiary of assets, after the death of a surviving spouse. They may assume that the eldest child will then fairly divide the assets among his or her siblings. However, to avoid confusion and ill will, it’s best to clearly state which child or other relative will receive which asset.
While handling matters of your estate, your lawyer may ask you if there are any stipulations involved with your kids’ inheritance. For example, it is possible to arrange for the inheritance to be distributed in installment payments when your kids reach certain ages. This can help prevent poor financial decision making. Estate planning lawyers often recommend these stipulations when children are known to have substance abuse issues or similar problems.