It seems like few families realize the options available to them when planning for their estate. There are many ways to consider leaving an inheritance to a loved one. Here are few you might want to consider:
Outright Distribution. This is the most common option that individuals select. Unfortunately, it is also the option with the least protections for the beneficiary. With outright distribution, the inheritance is given immediately to the beneficiary and is available immediately for the creditors (or spending) of the beneficiary.
Installments. This is another common option that individuals select. While it provides more protections than outright distribution, because the installment distributions, once made are now available immediately for the creditors (or spending) of the beneficiary.
Create a Trust for Beneficiary. This is a tremendous planning option for individuals who want to leave an inheritance to loved ones while providing protections to the loved one. Examples of protections include creditor protection or even protections from a divorce.
For more information about the beneficiary planning, contact The Law Office of Stephen D. Dunegan today.