While most of the time parents expect to outlive their children, there are times in life when an adult child passes away before a parent. If you make a will in Miami, and you leave your assets to your children, if your adult child does not survive you, the gift is passed on to the adult child’s children, who share equally their parent’s portion of the inheritance. So basically the gift is passed on to your grandchildren.
Say you have two children, and you leave both children an equal share of your estate. If your son does not survive you, his gift would be divided equally among his two children, and the remaining 50% of your estate would go to your daughter.
There are reasons why this is not a desirable outcome. For example, let’s say you’re not a big fan of your son-in-law. But if the money goes to his minor children, the court is likely to appoint her as the guardian who is in charge of the money. You may wish to have your other child appointed as the guardian for the money instead.
As another example, people with grown grandchildren may not want the grandchildren to get the money – they may be already well off. Also, the maker of the will may not want to give the money to the grandchildren directly, as the grandchildren are not trusted with managing the money – they may wish to leave it to a trust.
Miami Estate Planning Attorney
Since Miami inheritance and estate matters can be complex, it is important to make sure that you have a valid Miami will prior to your death. An experienced Miami estate planning attorney can prepare the will and other estate planning documents, assist you with estate planning strategies as well as answer your questions.
If you wish to speak to a Miami estate planning attorney, call the Law Offices of Albert Gurevich at (786) 522-1411.