What is estate transfer and heir planning?
Estate transfer and heir planning is one of the major parts of any estate plan. This part of the place specifies each heir and the portion of your estate each one is to receive. It will also dictate the manner and timing of when and how the heirs are to receive the inheritance. For example, if you have a substantial amount of money you wish your minor child or grandchild to receive, you can name the child, the amount and at what age he/she is to receive any monies. You can have the money disbursed in a full amount or as a yearly amount. Although this can be done in a will, in order to avoid probate and the loss of some of the money through court and legal fees, the best way to do this is to establish a trust. A trust will also protect the estate from any judgments and liens and also minimize the taxes due upon your death. Thank you for choosing Lawcore.com!
