Monday, March 10, 2014

Will/Trust Considerations

So you've made an appointment to meet with your attorney regarding your Estate Plan?  Here are a few things to consider when determining your desired distributions....


  1. What do you own?
    1. This can include real estate, investments, cash, jewelry, guns, artwork, life insurance policies, the family business, and an almost unlimited list of other assets.
  2. How do you own these items?
    1. Joint Tenancy
    2. Tenants in Common
    3. Tenancy by the Entirety
    4. Marital Property
    5. Separate (non-marital property)
  3. Do you have minor children?
    1. If so, who would care for them in your absence?
    2. Do you feel comfortable with them (or any other beneficiary) receiving the full payout of inherited money when they turn 18?  
  4. Who should get each of your assets in #1 above?
  5. What happens if a desired beneficiary 
    1. is dependent on governmental need-based benefits and will be disqualified by an inheritance?
    2. has proven irresponsible with money and would not have the skills or sophistication to manage an inheritance?
    3. Is indebted and would loose any inheritance to debtors?
    4. Is a minor whose caregiver you would not trust with the assets? 
  6. When should beneficiaries receive their inheritance?
    1. When they turn 18?
    2. 25?
    3. Graduate College?
    4. Get Married?
    5. Some other point in time?
  7. Do you anticipate relying on Medicaid at some point before your death?  
  8. Who do you trust?
    1. to care for your minor children (see #3.1)
    2. To be responsible for distributing your assets according to your expressed wishes?
    3. To manage your assets should you become incapacitated before death (in the case of an RLT)
Feel free to add any additional thoughts in the comments! 

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