Key Estate Planning Steps To Take If You Recently Inherited Assets


Receiving an inheritance is a big deal. Whether you were expecting it, or not, inheriting money should be taken seriously. Regardless of the amount, you want to make sure that you are taking the steps you need to protect this new asset and have the guidance you need.

No matter the amount, this can be an exciting opportunity to think about your future and the goals you have for yourself and your loved ones. The most important thing is to make sure that you are protected. Research tells us that less than 40% of Americans have an estate plan, and if you fall into this category, it is now more important than ever to create your Florida estate plan. In fact, you may have just witnessed the importance of Florida estate planning through the actions that led to your recent inheritance.

We understand if you have questions on where to get started. Let us share a few key steps to take when it comes to Florida estate planning and how to get started protecting yourself and your family after receiving an inheritance.

  1. Are there restrictions on inheritance? At times, there are restrictions on your inheritance. Do you have any? For example, have you inherited an amount now but are waiting to receive a second amount in this inheritance as a result of reaching a certain age? Are there any conditions which might need to be met before you can use it in full? This is also information your Florida estate planning attorney will need as you work together to create your legacy.
  2. Do you have any special circumstances? There can be specific circumstances for you that impact your Florida estate planning as well as how you may use this inheritance. For example, do you have a significant number of creditors? Do you have business obligations that need to be met? Are you divorced, or considering getting married, and need to know how to protect this asset? Any and all of this information should be shared with your experienced Florida estate planning attorney as you begin working together.
  3. For your planning and your inheritance, what are your short-term goals, your long-term goals, and your goals for your legacy? This is an exciting time to think through what you want to accomplish with your Florida estate planning. Who do you want to provide for? How do you want them to be protected? What do you care about? What legacy do you want to leave? These are all key questions to begin answering as you create or update your Florida estate planning.
  4. Find the right Florida estate planning attorney for you. As you start to think about the inheritance you want to leave to others, it is essential that you find the right Florida estate planning attorney for you. Part of this process may be considering the circumstances that led to your own inheritance and what you do, or do not want, for your heirs as a result. Candidly discuss this with the Florida estate planning attorneys that you meet with and choose the right Florida estate planning attorney for you and your goals.

We know this article may raise more questions than it answers. Our estate planning law firm takes a very different approach from what you might have come to expect. Our goal is to create lifelong relationships with each of our clients, to guide and manage your legacy for the rest of your life. Please contact our offices in Stuart and in Palm City to learn more.