Nobody likes to think about estate planning, but this is something that you need to get in order so that there will be no issues once you pass away. These days, many people are actually giving inheritance to their kids and loved ones before they pass away and there are many benefits to doing this.
Avoid Conflict
One of the main reasons to consider early inheritance is that it avoids messy conflict. Unfortunately, there are often discrepancies over wills and assets that can be traumatic to go through once a loved one has passed away. If you provide early inheritance, nobody can complain or question what your wishes were!
Set the Next Generation Up
Another reason to consider estate planning and early inheritance is that you can provide a leg up for the next generation in your family. By providing the younger people in your family with money now as opposed to at some point in the future (potentially a long time away), they can use this money to set themselves up for a brighter future. This might involve using the money to start a business, training for their career, investing or getting their foot on the property ladder (something that many young people are struggling with).
Save On Taxes & Fees
You will also find that it makes sense financially to offer early inheritance as opposed to when you pass away. If you give assets away and survive for at least 7 years then all these gifts are free and you can avoid inheritance tax. This is intelligent estate planning and you might find it useful to speak to a specialist that will be able to assist and help you to make the best decisions for you and your loved ones.
See Your Loved Ones Enjoy Your Gift
Finally, early inheritance allows you to see your loved ones enjoy the gift that you pass down to them and this is one of the biggest benefits of early inheritance. Seeing your loved ones make use of the money that you pass down whether this is buying a house, starting a business, going on holiday or even just treating themselves to things that they previously would not have been able to buy. For many people, this can fill them with joy and provide peace of mind in later years that you have helped to improve the lives of your loved ones.
As you can see, there are a number of emotional and practical reasons to consider early inheritance. Estate planning is something that many people put off, but getting everything in order is vital and you might find that early inheritance can change the lives of your loved ones and improve your own life by allowing you to see the positive impact that your gift has had.
