Can I Put Restrictions On An Inheritance?

You may be thinking carefully about the legacy you wish to leave behind for your loved ones, and the unique considerations of your family dynamics and your individual beneficiaries. This raises plenty of questions, including whether or not you can place restrictions on an inheritance left behind for loved ones. Anyone who is on the receiving end of an inheritance should clearly read the fine print of the will or other estate planning documents.

The creator of a will can specify that payments will be received in one large sum or in small installments. Furthermore, inheritances can be restricted to particular uses, such as education or the reaching of a certain milestone or an age. This is more common with trust distributions and trusts are often used by people who want to add on an additional layer of control to their estate planning. A trustee will have been appointed through the creation of a trust to manage those assets and to adhere to the terms of trust administration.

As a beneficiary, you are entitled to receive regular reporting from the trustee about what is happening with the assets inside the trust and you can also ask for copies of important documents that clarify when and how you will receive trust distributions. Bear in mind that as a beneficiary, you also have the legal right to hold a trustee accountable in court if they violate the law.

 

 

Will I Automatically Inherit My Husband’s House?

With no New Hampshire estate plan in place, your family could be exposed to serious issues with housing. Depending on how the home is owned and deeded, it might become a thorny part of your NH probate.

Many people cannot afford to make estate planning mistakes that would jeopardize their ability to let their loved ones move on during this very difficult time. This is where the support and experience of a knowledgeable estate planning lawyer can be instrumental in protecting those interests. Naming someone on a deed is one possible way to transfer property to them but smart estate planning can make this process easier and minimize some of the problems.

Part of this will also depend on whether or not they have put together a will. A will allows you to name who will receive your property if something happens to you. With no will, even naming someone on the deed does not necessarily mean it will automatically transfer to them. If your home is “split” between your spouse and children and they don’t all agree as to what happens to it after you pass away, this can cause conflict, too.

If your spouse has surviving children from a previous marriage, this would mean that you may not be eligible to inherit the entire estate. Having a will that clearly stipulates who receives what and how can help you avoid these kinds of problems. Set aside a time to speak with an estate planning lawyer today if you own real property and would like to protect it or pass it on to a specific loved one.

If you need assistance with creating a NH estate plan addressing your needs, schedule a call with our office today.