Estate Planning can be confusing. It can be hard to navigate the Who, What, and How’s of estate planning. Who should you leave your assets to? What are you leaving? How should you leave it?
- Who you Leave your property to:
- It doesn’t have to be family. You can leave all or some of your assets to friends, charities, schools, churches, neighbors, or even care for pets.
- Distributions don’t have to be equal. Even when you leave your assets to your family, you can decide to leave unequal distributions, or leave nothing to some individuals. Many people leave specific gifts for grandchildren, nieces/nephews, siblings, and in-laws as well as their children.
- Who you leave your assets to is a very personal decision and one that should be considered carefully. Many clients also overlook the importance of leaving a personal property memorandum. More family fights start over a family heirloom with no monetary value than over a bank account or other monetary asset.
- What do you leave and what should your assets be used for:
- You can leave money to be used specifically for education or to help make that first down payment on a house. Money can also be left to help make a vehicle payment, contribute to a wedding, or any other purpose that you find important to help with the future generation.
- Many clients choose to leave money for charitable purposes but want that money to be used in a specific way. Some people have specific scholarships they hope to fund or an organization at an alma mater they want to benefit. Survivor’s of cancer or illness often find joy in leaving money for a specific medical research or for other patients to receive life enrichment.
- Money is not the only asset to be left. Farms, family homes, real properties, business interests, investment interests, Intellectual Property rights, and others are all assets that carry as much weight and importance as cash.
- You get to decide how much gets distributed and how the distribution occurs:
- You can choose how you want to leave your money. Distributions can be made equally or unequally. You can leave a $400,000 house to child A and an investment account worth $250,000 to child B. Each piece of furniture or jewelry you own can be designated to a specific person or group of people. Some beneficiaries may have loans or advancements to pay back before they receive their share of an inheritance.
- Distributions can be contingent on certain events happening; i.e. when a child graduates from college they will receive $10,000; or if child a gets married, my Trustee will distribute $5,000 for wedding costs.
- Some children or beneficiaries are good with money and are ready to receive their legacy outright. Others need guidance and help, either because of a history of poor decision making or because they are a minor and are not mentally ready nor legally able to manage their own finances. Likewise, some beneficiaries can be a co-trustee (someone who manages the trust) once they reach a certain age, while some will always need someone to manage their assets for them.
- There are always special circumstances and planning that needs to occur for a special needs child or any individual who qualifies for government benefits.
While estate planning may seem overwhelming, we can help you answer the who, what, and how’s to achieve your goals. At Grissom Law, we work hard to listen to the circumstances and desires of each client to achieve a specifically tailored estate plan to meet your family’s needs. Call us at (678) 781-9230 to schedule an appointment and begin the estate planning process.
Disclaimer
This Blog/Web Site is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide legal advice. By using this blog site you understand that there is no attorney client relationship between you and Grissom Law, LLC.