Leaving an inheritance does not have to be all or nothing. You can leave a small token gift, such as a hundred dollars or a family heirloom, to show that you thought of them and didn’t accidentally omit them.
A no-contest clause provides that anyone who challenges your plan loses their inheritance. Combining it with a modest gift discourages lawsuits since the beneficiary stands to lose something if they challenge it.
Trusts can help protect a financially irresponsible beneficiary from wild spending, shield the inheritance from creditors, and incentivize certain behaviors.
Beneficiary designations on retirement accounts, life insurance, and bank accounts pass directly to your named beneficiaries. These assets will only be known to the beneficiary, which could help prevent a contest.
Review your plan regularly in case you have a change of heart. Call to schedule an appointment.
