Nieces And Nephews As Beneficiaries Of Your Will

Among the cheaper plot devices writers use is when a character inherits a vast sum of money from an aunt or uncle that the character did not realize was wealthy, and where the character did not know that he or she was a beneficiary of the relative’s will. In practice, inherited wealth passed from an aunt or uncle to a niece or nephew accounts for only six percent of the money that passes through probate courts in the United States. In your capacity as the testator of a will, you can will money to some or all of your nieces and nephews, or to anyone else; your will is a statement of your wishes. This week, the personal finance columnist Quentin Fottrell received a question from a woman who has no children of her own and is planning to leave her estate to her nieces and nephews. The letter writer asked whether she should leave the beneficiaries equal or unequal shares, leading to a thought experiment about the purpose of inherited property. If leaving your estate to your nieces and nephews is an obvious choice, but other aspects of your estate plan are far from obvious, contact a Tampa estate planning lawyer.

Do Nieces and Nephews Inherit Under the Laws of Intestate Succession?

If you do not write a will, then Florida’s laws of intestate succession determine who inherits from you. In summary, your closest surviving relatives inherit your estate. Spouses and children are the beneficiaries of the estates of married parents; who inherits what depends on how many times the decedent was married in his or her lifetime. When unmarried people who don’t have children die intestate, their siblings inherit, but if the decedent is the last surviving sibling in his or her family, then the decedent’s nieces and nephews are the beneficiaries. When nieces and nephews inherit through intestate succession, each one receives an equal share of the estate.

Should You Leave Your Nieces and Nephews Equal Shares of Your Estate in Your Will?

The woman who wrote to Quentin Fottrell was struggling with the decision of whether to leave her nieces and nephews equal inheritances. Some of them needed the money more than others, and she had a closer relationship with some of them than others. Estate planning lawyers generally advise clients that leaving equal shares is the fairest thing to do when it comes to provisions of your will, simply because the settlement of an estate is so final. If one family member needs more financial help than the others, the way to help the family member in need without causing resentment is to give him or her money while you are alive. Gifts are for relieving financial stress, but inheritance is for keeping family ties.

Contact David Toback About Keeping the Peace After You Die

A Central Florida estate planning lawyer can help you be generous to your nieces and nephews without sowing discord.  Contact David Toback in Tampa, Florida to set up a consultation.

Source:

msn.com/en-us/news/other/i-have-no-kids-will-i-cause-family-drama-by-leaving-different-amounts-to-my-nieces-and-nephews/ar-AA274Ndv?ocid=msedgntp&pc=ACTS&cvid=6a47f359ce834954acbb51ce7c93842b&ei=41