Have your clients recently inherited or are expecting to inherit money from their family? Understanding how this inheritance impacts their estate planning is crucial.
If the inheritance is a definite gift, it will be included in their estate and managed according to their Will. However, if this inheritance was used to purchase an asset jointly with another person, that asset could automatically pass to the co-owner under survivorship rules—regardless of the Will's provisions. Only assets owned personally or held as "tenants in common" will be governed by the Will.
To ensure your clients' wishes are fulfilled, it's important to:
- Assess Inherited Assets: Understand what has been inherited and how it’s held.
- Understand Legal Implications: Clarify how survivorship rules affect the asset.
- Update Beneficiary Designations: Ensure all designations are current.
- Review Legal Documents: Check the Will and other relevant documents.
- Consider Tax Planning: Evaluate potential tax implications.
- Plan for Asset Management: Develop a strategy for managing inherited assets.
- Consult with a Skilled Estate Planning Lawyer: Expert advice can ensure all legal aspects are covered. Inherit Panel Lawyers are available to help.
Inherit Australia provides advisers with a structured estate planning facilitation process to ensure that client interests and wishes are maintained as part of their estate plan.
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