It might sound crazy to think anyone would or should ever turn down an inheritance. In some cases, however, there are good reasons to say "no" to a bequest. Here are just a handful of reasons why a beneficiary might choose to decline an inheritance.
According to a 2014 survey cited by Forbes, fifty-one percent of Americans between the ages of 55 to 64 don't have an estate plan. In many cases, people scramble to put together an estate plan in the face of a sudden health crisis. Other times, they wait until they are seriously ill or debilitated to plan. Both scenarios can lead to problems.
According to the U.S. Census Bureau, 15 percent of Americans report having been married more than once. Whether you're remarrying for the first or the fifth time, it's important to create an estate plan that protects your assets and your loved ones. Here are a few things to consider:
Trust administration requires the fiduciary to perform very specific and important tasks. The fiduciary, or trust administrator, is the person named by the grantor who will be responsible for administering the trust and protecting its assets for the benefit of the beneficiaries.
Most Minnesota residents can see the logic in having a will. However, a will is only one part of estate planning. Many individuals may need trusts in order to ensure inheritances are protected on behalf of heirs and beneficiaries.
Everyone knows that family matters can be complicated. Even though relatives may truly love one another, long-standing disputes can put a strain on relationships. Unfortunately, this reality can come into play after the death of a loved one if proper steps aren't taken.