Submitted by stawasz_r on Sat, 04/04/2009 - 06:32
Can someone tell me if, and hopefully how, one can accommodate (as a legacy or trust)an expected inheritance (from parents) into one’s own will when the parents are alive and healthy?
Is this a situation where the will should simply be updated upon receiving the inheritance or is there another way of handling this?
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Huge Benefits if Parents Adjust Their Plan
This is a perfect example of the benefit to receiving an inheritance in trust, rather than as an outright distribution from that trust or from a Will. If your parents adjust their plan to leave any inheritance to you through a trust, the trust may be drafted to protect that inheritance from creditors and predators. If you receive the inheritance directly, it is much, much harder to accomplish that same protection. Of course, if your parents are unwilling to modify their plan, then you'll have to address it in yours. In that case, you can address your wishes vis a vis the expected inheritance either before or after actually receiving it. --Tracey Ingle (Attorney Ingle practices estate planning law in Southborough, MA.)
Huge Benefits if Parents Adjust Their Plan
Tracey,
Thank you for the response. If there language you could suggest for an expected inheritance (before receiving it)in a trust that one would want to set up for a nephew and niece or for a charity? Thanks in advance.
Roger