Weekend Reading: Estate Planning for ‘Black Sheep’ Beneficiaries
Every Friday, Casey Weade highlights four hand-picked articles on trending retirement topics, and delivers them straight to your email inbox. Catch a preview of this week’s Weekend Reading for Retirees with one of Casey’s featured articles here.
Weekend Reading
You may not have a ‘Black Sheep’ beneficiary, so to speak, but you could still have concerns about leaving a substantial legacy behind after you are gone. Check out the original article published by Kiplinger below.
READ THE ARTICLEMy children could fall into this category, simply due to their young age, which is why my wife and I have an advanced estate plan to manage those risks. Hopefully we do a great job of raising these children so that someday they can responsibly handle an inheritance. However, for the time being, we barely trust them with a glass of fruit punch at the dinner table.
Another way to say this is that we have a lack of trust, and when you have a lack of trust, there becomes a necessity of establishing a trust. It doesn’t have to be expensive, complicated or permanent. Furthermore, you may be able to accomplish many of your goals with some simple changes at little to no cost.