And that's not all. Inside your have minor children when you die with planning in place, children are each going Retirement income strategies to Ensure lifelong financial security to obtain their share of inheritance when they turn 21. Yes, the law requires the foregoing! The law also does not discriminate as we grow old when it appears to gift of money. So, your 20-year-old son and your 2-year-old son will inherit the same amount of money! Not what most parents would have wanted.
But throughout mind that the family and friends aren't the only people you'll want to worry about. estate planning isn't just something that needs done before your death