Preparing Heirs For Transfer of Inheritance
The key to a successful wealth transfer is maintaining clear communication. Estate planning attorneys can benefit from involving heirs in the planning stages to help make the wealth transition easier.
Lack of trust or communication has squandered 60% of family fortunes, which is why it’s important for advisors and estate planners to guide the beneficiary in managing generational wealth. Contentious disagreements can be avoided by involving heirs as early as possible in the estate planning process.
Organize Financial Documents
It’s imperative to keep financial documents in order and keep this information in a safe location so it may only be accessed by the beneficiaries. This includes up-to-date legal documentation, a will, a power of attorney, and beneficiary designations.
Some of the relevant financial detail documents that should be accessible at all times are:
- Account statements
- Share certificates
- Loan and mortgage paperwork
- Real estate ownership papers
- Business interest documents
- Information on revolving accounts
- Life insurance documents
Some heirs who have newly acquired an inheritance may be inclined to spend it on extravagant purchases. As an executor or an estate planning attorney, your role in planning how the money will be used could prove vital to the beneficiary.
Craft a plan with the long-term goal of saving some of the inheritance for the next generation. Assist heirs in planning for wiser use of their inheritance in the following ways:
- Invest in higher education
- Pay off pending debt
- Save towards an emergency fund
- Home improvements or upgrades
- Make equity-producing investments
Honest and clear instructions over inheritances can help manage expectations and prepare heirs for the wealth transfer. At HeirSearch we support estate planners in locating heirs to an estate to enable a seamless transfer of inheritance.
Do You Need Help Establishing Heirship?
At HeirSearch, we’ve seen it all. If you are the executor of a will or an attorney representing an executor of a will and need to establish heirship to satisfy the court, HeirSearch can help. We offer no-cost, no-obligation consultations, even if you are not planning to start a search right away.
Feel free to reach out with any questions you might have — we look forward to connecting!
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As the industry’s leading forensic genealogy experts and heir finders, We Find Missing Heirs a Better Way®. We can help with even the most complex probate cases, spanning multiple genealogical connections and geographies.
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