Should you leave inheritance for kids
Inheritance is a symbol of lineage in all societies. If you have assets to leave to your children, it is best to leave it in a way that minimizes disagreements.
Dec 2022
2 mins read
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The choice of leaving an inheritance to your children will depend on the relationship of the family members. In general, giving an inheritance to your children is beneficial since it supports them through life, relieves their financial burden, shows your love and care.
Consider tax implications
Your inherited assets could comprise immovable property or real estate, as well as movable assets such as gold, mutual funds, FDs, and so on. Consult an estate planner while taking these decisions.
Create a trust and gift assets
There are numerous ways to leave an inheritance to your children, and what is ideal for each family will differ. One viable option is to place the inheritance in a trust. The trust can be set up with various stipulations, such as distributing the inheritance in parts over time. A trust can also eliminate the need for probate, allowing the inheritance to pass without difficulty.
If you have worked hard to provide an excellent education for your children and they are well-employed, you should no longer be concerned about their financial situation. First, ensure that you have sufficient wealth to cover your post-retirement demands as well as higher medical care costs, so that you do not become financially dependent on your children later in life.
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All the Mutual Fund investors have to go through a one-time KYC (Know Your Customers) process. Investor should deal only with the Registered Mutual Funds (RMF). For more info on KYC, RMF and procedure to lodge/redress any complaints, visit https://www.pgimindiamf.com/ieid.
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. Read more
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