Transferring your assets to their rightful beneficiaries isn’t always as simple as writing a will. A successful transfer of wealth often calls for a strategy that takes time and research. Having an understanding of common asset transfer strategies in Connecticut will also help you.
What is the financial literacy of your beneficiaries?
Estate owners often make the mistake of overlooking the financial literacy of their inheritors. Imagine for a moment what it’s like for someone without financial skills to receive large sums of money. The financial literacy of your beneficiaries is a factor behind the success of your wealth transfer. When those beneficiaries receive their assets, their personal lives could be full of debt or destruction waiting to happen. They might even see their inheritance taken away, such as in divorce.
Are you aware of probate?
The best asset transfer strategies take into account the exposure your estate has when probated. Probate is a legal hearing that settles your accounts and estate. The only catch, when probate is considered, is that it’s a public hearing. In such cases, anyone can contest your wishes. This includes claims for the assets that your beneficiaries were given. Your estate doesn’t have to undergo this trial, but preparation is your legal way around it.
Asset transfer strategies in Connecticut
Consider speaking with your beneficiaries about what they’ll receive and any stipulations you have about how they’ll use the inheritance. The asset transfer strategies you consider should account for taxes, debt and withdrawal fees as well. The more you consider now, the easier your estate can pass to your heirs as you intend.