What young people should know about their inheritance

On Behalf of | Oct 10, 2017 | Blog

Nevada residents may have trouble talking about money with family members. In some parts of the country, it may not be socially acceptable to do so. However, it may be a good idea to have that conversation with adult children and younger family members. It is estimated that millennials will inherit roughly $30 trillion in wealth from older generations. This is the most that has ever been transferred between generations.

Having a talk about finances may be a good way to ensure that everyone is on the same page. It may be a good idea for older or adult children to have an open mind when talking with their parents. This is because the parents may have decided to spend their money as opposed to allowing a child or others to inherit it. Approaching the conversation as a way to gather information or seek advice.

In some cases, a talk about estate planning may also be the time to ask about how a young person should save for retirement. It may also be worthwhile to talk about whether or not a parent has a will or other estate plan documents. Finally, those who are thinking about talking about their inheritance with a parent should understand that what they receive isn’t necessarily within their control.

Taking the time to create a will or other estate plan documents may help an individual articulate his or her final wishes. Doing so may make it easier for executors and others to carry them out as the odds of a legal challenge may be lower. An attorney may help an individual learn more about how to include or exclude certain individuals from an estate plan. An attorney may also review any estate plan documents that already exist.