Last week I learned of the death of one of my clients. He was divorced and in his late 80's, but his death was still unexpected. A couple of years ago, he told me of his concern that his daughter would not be responsible enough to effectively manage her inheritance. We talked about options that would restrict her access to her inheritance but not for the other children. We also discussed the need for him to get his house in order with a Will and Power of Attorney for Health Care and Finance. I gave him names of attorneys' and offered to pick him up and take him to an attorney of his choice, but he kept putting it off. Now it is too late for him to act on his concerns.
How do you want your children to receive their inheritance? Getting your house in order for your surviving family and friends could be one of the best gifts you ever give.