Making decisions about how to distribute estate assets is not always a simple matter.
A married couple may think, “We want to keep it simple and just leave everything to each other.” However, the underlying goal may be financial security for a surviving spouse. Once that is accomplished, there may be room for leaving a gift to charity or helping other family members in meaningful ways.
Determine your real objectives before you consider how you’d like to go about making distributions. It’s helpful to write down everything that you would like to do with the assets you’ve spent a lifetime accumulating. Next, take time to think about how you want to divide your estate and what you expect to accomplish with these distributions. For example, you may want to:
- Provide lifetime financial security for a spouse, an elder dependent, or a child with special needs
- Arrange financial support for children
- Plan educational assistance for grandchildren
- Memorialize a valued friendship with a gift
- Leave specific items (such as a piece of jewelry, an antique desk, a painting, a coin collection, a car, etc.) to particular people
- Make charitable gifts that will shape the future of society or the community
There are other questions to consider as well. For example, what happens if a beneficiary predeceases you? Or what if you and a beneficiary die in a disaster? Your attorney can help you answer these and other questions that will determine how your will should be executed.
