Tips to Follow When Planning Asset Distribution
Asset distribution refers to the process of having your assets divided between loved ones after your death. Once any remaining bills and debts are paid off, your assets may be distributed to those included in your living will, such as your children, siblings, and any other relatives or friends. Because you may want your assets distributed in a certain way, there are certain tips you need to follow. Giro Law explains some of the best tips to follow when you are making plans for asset distribution.
Select a Trustee
If something happens to you, the trustee becomes responsible for the distribution of your assets. If you are still alive but are incapacitated, decisions that would normally have been made by you will now be made by your trustee on your behalf. Choose this person wisely. You want to make sure the trustee follows through with everything that you want to happen to your assets.
Create a List of Your Assets
Make a detailed list of all your assets. Without the list, you might forget to include something in your living will. However, if you have a written list that contains all the different assets, you can easily see what you have and then decide how you would like to have it separated between those who are included in your will. You may need to add to the list of assets every once in a while when you accumulate new things.
Be Specific About the Way You Want Your Assets Distributed
Failure to be specific about the way you would like to have your assets distributed could cause frustration and tension for your family members. You need to think carefully about who will get what in the event of your death. Only you will get to have the final say in that matter. While some people choose to have assets equally distributed between their children and other loved ones, some have more specific requests. Decide how much money you will leave behind to each person and then decide who will receive other assets, such as the home that you currently own, the vehicle that you own, and any other property that belongs to you.
Go Over Your Will With an Attorney From Time to Time
Things change over time. There may come a time when you would like to make changes to your living will, which could include adding or removing a beneficiary from the will. Because you want to make sure the right people are receiving your assets after you pass away, you should regularly check your will to make sure it is up-to-date.
Creating a Will? Get Legal Assistance with Planning Asset Distribution
If you would like to prepare a living will in which you appoint a trustee and a list of beneficiaries who will receive your assets in the event of your death, you should get legal help with this process. You want to make sure that you are setting things up in such a way that your assets are fairly distributed to the ones you love. At Giro Law, we can help. Call our office at 201-690-1642 to speak with one of our legal experts.