Putting together a solid plan for one's estate is something that no New Jersey resident should delay. There is a lot that goes into estate planning. One small part of it is making sure assets are left to the person or persons of one's choice. Something many people fail to consider, though, is how their heirs will actually handle their inheritance once they receive it.
It is possible to have a grand plan for how one's assets will be divided upon one's death and hopes for how beneficiaries will utilize those assets. Without taking certain precautions, that plan may go out the window when all is said and done. According to a recently published article, most estate plans fail to live up to what their owners intended. Why? Beneficiaries are not ready to handle their inheritance.
There are many beneficiaries out there who lack the knowledge or skill to tackle receiving money or property. There are others who simply cannot emotionally deal with gaining instant wealth. It can be a lot to take in, especially when one is already grieving the loss of a loved one.
Long before one's estate is administered, it is wise to teach one's beneficiaries about being smart with their money and property. Those who excel at managing their own assets will likely utilize their inheritances as intended. Those who do not are likely to find that any assets received will not last very long. New Jersey residents who have reason to believe that their heirs will struggle to handle their inheritances, even after being taught to be money smart, may be able to include certain stipulations in their estate plans so that assets are only distributed in certain amounts over time or for specific purposes. An estate planning attorney can help with this.