No matter how much or how little your assets are worth, they are your children’s legacy. Your assets are a piece of you that you are able to give to your children for them to remember you and for them to carry a piece of with you always. On many occasions, your children’s inheritance gives them the ability to take advantage of opportunities that they might not be able to otherwise.
There are many ways that you can pass your assets down to your children, including making those assets a gift to them while you are still alive and well. If you do not feel that you want to give it to them while you are still alive, you can pass it on to them after you are gone.
Every action that you take with your estate has pros and cons
When it comes to your assets, every decision that you make will have a legal aspect to it and every action will involve taxes. That is precisely why you should think long and hard about what to do and make sure that it is the most appropriate move under your particular circumstances.
There are many aspects to every estate-related decision that you make and one is not necessarily better than the other. It is just that one decision will make more sense to you. Undoubtedly, you love your children and you want what is best for them. That means that you do not want them to fight among themselves about the assets that you are inheriting after you no longer have the ability to keep peace in the family. If you put a sound plan in place, having some sense of who they are and how they react in various situations, you have a chance of there being harmony among them.
Solid advice from a knowledgeable estate planning lawyer
Although there are a few different ways to transfer your assets to your children, at times, the simplest way may be to put exactly what you want and your wishes about what goes to whom in a will. A Missouri estate planning lawyer may be able to help you a great deal. The assets are yours until you are no longer around, at which time they will be able to enjoy those assets.
In addition to a will, you can also set up a trust for your loved ones. If you do that, your heirs will most likely be able to avoid ending up in court and will save money in the long run because they would not have to pay estate taxes. The lawyer could help you to do that so that your assets are protected now and in the future.