If you use a last will to state your final wishes regarding the distribution of your personally held resources, you would be allowing for lump sum distributions to the inheritors. This can potentially be disconcerting if you have someone on your inheritance list who is not a good money manager. People who are prone to overspending are typically going to need financial assistance from time to time throughout their lives. A spendthrift family member could experience future hardships after squandering his or her inheritance too quickly.
Topics covered in this report include:
- Wills vs. Revocable Living Trusts
- Asset Protection and Estate Tax Efficiency