Vermont inheritance laws can impact many different things about your legacy and can have a major impact on what happens to beneficiaries or heirs after a death. It is important to understand how inheritance laws work in the state of Vermont so you can make smart choices as you prepare your estate planning documents. If you do not like the outcome that will occur if a default law applies, you can work with an experienced attorney to find out if there are legal tools that you can use to opt for a different outcome.
Unsworth LaPlante, PLLC can provide invaluable assistance with every aspect of the estate planning process. Our legal team can provide you with advice on how Vermont inheritance laws apply to your situation and how those laws will impact your ability to accomplish your estate planning goals.
We can also make certain that you actually make the law work for you and the people you love so inheritance laws do not result in undesirable outcomes. Give us a call to find out more about how an estate planning lawyer can help.
Four Key Facts About Vermont Inheritance Laws
There is a lot to know about Vermont inheritance laws, but four key facts that you should be aware of include the following:
- Heirs or beneficiaries generally do not inherit right away when you leave them wealth. According to Investopedia, the probate process could take about a year. Unless your estate plan facilitates wealth transfer outside of the probate process, your loved ones could be waiting many months to inherit the property and money you have given to them.
- Minors under aged 18 cannot directly inherit and begin managing money themselves. If you try to just leave money to a young person without the proper planning to put someone in charge of managing those funds, the court could end up having to appoint a guardian. The court could then remain involved in monitoring how the guardian manages money on the child’s behalf.
- An inheritance could sometimes cause a loss of access to benefits. If you leave an inheritance to someone who is disabled and receiving Medicaid or Supplemental Security Income, this could result in a loss of benefits for the disabled person. To protect and preserve assets, work with an experienced attorney to create a special needs trust.
- Intestacy laws could apply to determine who inherits if you have not made an estate plan. If you do not have a legally valid will that is in effect at the time of death, intestacy law could end up determining which of your family members inherit your wealth.
You don’t want to just give up on controlling your legacy, so you should make certain to work with an experienced attorney to make an estate plan that’s not likely to be successfully contested and that addresses all of the issues that matter to you.
How a Vermont Estate Planning Lawyer Can Help You Set Your Own Rules for Inheritance
Just because the default Vermont inheritance laws demand a particular result does not mean you have to accept that this outcome is inevitable for you and your loved ones. You can work with an experienced attorney to find ways to leave money and property to loved ones in ways that actually work best for you.
The specifics of the legal tools you are going to need to use to essentially opt out of default rules are going to vary depending upon what you want to change and how you want an inheritance to benefit your loved ones. It is important to get advice from an attorney who knows the laws and who understands how to be strategic in the estate planning process so you are not hemmed in and prevented from doing what you want to do for your heirs or beneficiaries based on generic rules and requirements.
Getting Help from A Vermont Inheritance Planning Attorney
Unsworth LaPlante, PLLC provides assistance to clients of all ages and to clients with all different sizes of estates. We know that Vermont inheritance laws can sometimes result in outcomes that do not work for you or that do not work for your loved ones. We help to make certain that you use the right legal tools to opt out of default rules if those rules could harm your legacy or have an adverse impact on your heirs or beneficiaries.
To find out more about the ways in which our estate planning lawyers can help you, download our free estate planning worksheet. You can also give us a call at (802) 879-7133 or contact us online to get personalized advice on the estate planning process in Vermont. Call today to get started.