If you have spent your entire adult life working, you may be planning on living off a small retirement fund so you can leave your family members with a sizable inheritance. This is an incredibly generous gesture that your loved ones will certainly appreciate, but for them to make the most of it, you need to follow specific estate planning procedures to bequeath the money. Fortunately, the knowledgeable team at Ng & Niebling located in the Kaimuki area of Honolulu, Hawaii, will be happy to help. They can answer all of your questions on the subject and ensure your will is legally binding.

How Can I Leave My Loved Ones With an Inheritance?

By Adding the Terms to Your Will

The simplest and most straightforward way to give someone an inheritance is by bequeathing it to them in a will. When doing so, it is essential to be as specific as possible. For example, do not simply state that you want to leave funds to “the grandchildren.” Instead, specify who will be receiving money from the estate and precisely how much each of them will be getting.  

By Creating a Trust

If you want your beneficiaries to use the inheritance for a specific purpose, like higher education or a family home, consider putting it in a trust. This is also a viable strategy for leaving money to minors, who may not necessarily spend it wisely until they mature a bit. As long as you establish terms regarding when the money can be distributed and for what purpose, you will have peace of mind knowing the trustee will follow your instructions after you pass.

If you want to leave your loved ones with an inheritance, turn to Ng & Niebling to update your will or create a trust. You can learn more about the skilled attorneys on their legal team by visiting their website. To schedule an initial consultation with an estate planning lawyer in Honolulu, call (808) 732-7788.