By Jennifer Ng
It can be tough deciding how to divide your assets among your loved ones. Sometimes the easiest way to avoid conflicts is to divide it equally. However, if everyone receives an equal share but each has different financial circumstances then it won’t be fair. Therefore, one should always explain why those decisions were made. Free Advice offers several ways to reduce confusion among your beneficiaries.
1. Have an estate lawyer review your will.
2. Have a witness (not your beneficiaries)
3. Assign a will executor to distribute the assets
4. Your will may still be valid if you move to another state; if not have a lawyer review it
5. Keep your beneficiary designations (assets that do not pass under a will) updated
6. Create a folder called “Open in Case of Death” to organize important information
7. Make healthy estate planning choices
Sources:
http://law.freeadvice.com/estate_planning/wills/fairness-in-division-of-family-assets.htm
http://law.freeadvice.com/estate_planning/wills/dividing-your-estate-among-beneficiaries.htm
http://www.nytimes.com/2008/09/10/business/businessspecial3/10FAMILY.html
No comments:
Post a Comment