Who Gets What? Tips For Distributing Your Estate

When putting together your will, one of the most difficult parts is deciding which beneficiaries will receive which parts of your estate. You want to make sure that your property ends up in the right hands, and you also want to make sure that your family is provided for to the best of your ability. However, this can be very challenging, particularly if you have a large family and several friends that you want to leave property to as well. Here are some tips to help you designate who will receive what from your estate.

Start by making a list.
The easiest way to begin this process is by making a list of all of your property that will need to be left in the will. Sit down and assess everything, ranging from your finances to real estate to valuable items like cars or other collectors items. You’ll also need to consider things like who will take care of your pets and who will run your businesses if you own any, so include those in your list as well.

Think about who is closest to you and who will benefit the most from each item.
Generally, the people who benefit the most from wills are the spouses and family members of the deceased. They are the ones who will be most impacted by your death, and therefore they will be most likely to benefit from an inheritance. Think about the costs of your funeral as well; often the items in your estate are used to cover the costs of a funeral and probate. This can really ease the stress on your family during this extremely difficult time.

Are there any items that are a natural fit?
There will be certain things that should just naturally go to a certain person in your life, so you can easily designate those aspects of your estate. For example, if only one of your family members is currently living with you, then it makes sense that they would get your home after you pass. Another example might be a pet; you might only have one good friend or family member that is in the position to care for your pet.

Consider who can handle the responsibilities that may come along with your estate.
There will be certain parts of your estate that may require certain levels of responsibility. These include things like running a family business, managing investments, or maintaining property and collector’s items. In these instances, it is important to consider who is equipped to take on these responsibilities, as well as who is emotionally ready to have this added to their lives.

When in doubt, just ask.
Although many people prefer their wills to be a surprise, it can’t hurt to ask someone if they actually want an item from your estate if you aren’t sure. This is particularly important for larger items that may come with the higher levels of responsibility discussed in the previous point. Chances are, the person will be grateful that you talked to them about it, and then they will be better prepared in the event of your passing.

Try to avoid conflict.
Although it can be quite painful to think about, there will be certain instances where the way you divide your assets could cause very emotional conflict among your family members. For example, if you give more money to one of your children than others, they will likely be very upset. Although it may go against your internal wishes a bit, it will be worth it in the long run knowing that your family’s relationships will stay intact.