I recently met with a great couple from San Antonio who had some concerns about leaving their estate to their children and grandchildren. The couple has two adult children and two minor grandchildren. They said that one adult child is horrible with managing money and they were worried that their minor grandchild’s inheritance could be long-gone by the time their grandchild comes of age. I told this couple that there are several important steps they can take to protect an heir’s inheritance from a parent or guardian with poor spending habits:
1. Take the time to identify a responsible and trustworthy executor or beneficiary of your will or trust.
2. Consider how the structure of your estate planning may affect family dynamics and relationships when you pass away.
3. Ensure that your estate planning is explicit about your wishes and designates the proper beneficiaries of your estate.
This couple was pleased to learn how they could preserve their minor grandchildren’s inheritance for use on education, health, and well-being expenses in the future. If you would also like to address this concern, please call me at (210) 202-1141 to set up a time to meet with me in my office. You can also register for an educational seminar at www.skeenlawfirm.com to learn about other estate planning tools and techniques.
Leave a Reply