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How can I help my heirs manage large inheritances?

On Behalf of | Jul 10, 2019 | Estate Planning |

If you have a large estate involving a lot of money or high-value assets, you may have some concern over what will happen once it is distributed to your heirs after your death. It is very normal to be concerned, especially if your heirs are younger adults or still minors when you pass away. You can make it part of your estate plan in New York to manage the distribution of your estate to your heirs by using certain different strategies.

Kiplinger explains that if your heirs are young, then you should try to educate them about managing wealth and assets. You do not want to just toss money at them and hope they do okay. The only way to really help them make the most from an inheritance is to make sure they have the knowledge and tools required to maintain what they receive.

You also want to give them a support system. Make sure they have financial advisors and other professionals who can help them manage their inheritance properly. Get them to the point where they feel comfortable meeting with these professionals and talking with them about money management.

If you have extreme concerns, you may even create a trust that will allow you to withhold the inheritance until your heirs reach a certain age. It may also be used to release money slowly to the heir so he or she does not have access to everything all at once. This information is for education and is not legal advice.