How to Protect Your Inheritance From Legal Challenges

Though wills and trusts are designed to make sure the inheritance left to a person will get to them, there is a lot that can go wrong. It is important for those who are expecting to receive an inheritance to make sure they get the money they are supposed to receive and that it is handled properly until they receive it. Some of the things they can do to protect their inheritance from legal challenges include the following. 

Know Who is Handling the Will and Trusts

It is important to know who is handling the will and the trusts. The person in charge of the will is the executor, and their job is to follow local laws and the will to make sure the inheritance is split correctly amongst all heirs. Before getting your inheritance, it may need to go through a process called probate. If there are any potential issues with the will or the trusts, there may be laws that have to be followed before the inheritance can be given to the beneficiaries. 

Understand the Will and What to Expect

If there is a will that dictates how to split the inheritance, it is important to read through it to know what to expect. Those who are named in the will should be able to receive a copy of it. Others may also be able to get a copy to see what it entails and find out why they were not included. Wills contain different parts, and each one can be unique, so it may be a good idea to review it with a lawyer to get a better understanding of what the will states. 

Keep Careful Track of Money Used From Trusts

It is important to keep a record of all money used from the trust, both by the executor and the person the trust is for, to ensure the money is spent appropriately and that nothing is missing from it. Record-keeping should be as detailed as possible so it is easy to determine where the money was spent if there ever is a question over the amount remaining in the trust or how it should be dispersed. If there are any disagreements about how much money should be in the trust, it may be a good idea to have an accountant review the funds. 

Keep an Eye on the Trust for Potential Misuse of Funds

The person the trust is for should make sure they keep a close eye on it, as there is the potential for the funds to be misused. Along with keeping detailed records regarding the trust, they can work with a lawyer if they notice any signs of an issue. An audit can be done to determine what money was taken from the trust and where it went. If the funds have been misused, it may be possible to take legal action against the trustee to have the funds returned to the trust. 

If you’ve noticed any potential issues with your inheritance or you’re worried it isn’t being cared for properly, it’s important to get legal assistance right away. Take the time to talk with a lawyer about your inheritance to learn more about how to protect it and make sure the funds are where they’re supposed to be so that nothing happens to them.