Estate Planning: Who Gets What?

Your estate plan should ensure that all of your assets go to the people you want them to go to, rather than to people you don’t want them to go to. It is essential to determine who gets what in your estate plan and how those assets will be distributed upon your death.

What to Consider When Creating Your Estate Plan

When creating or revising your estate plan, consider who will benefit from your assets. Depending on your situation, this could include your children, a spouse, or other relatives. You can also designate charities or other organizations to receive assets in your will.

You can decide who should receive which assets based on various factors, including tax consequences and any special instructions you have provided in your estate plan. It is essential to consider each beneficiary’s needs and interests when making these decisions. For example, if you have children, you may want to ensure that they receive more than just a portion of their inheritance at your death.

Appoint an Estate Executor That You Trust

In addition to deciding who should receive what assets, it is essential to consider how they should be managed after your death. This can include determining who should be appointed as executor of your estate or who should be in charge of managing the assets for beneficiaries. You can also provide guidance on how the assets should be invested and managed and any special instructions for distributions.

Your estate plan should also include guardians’ names for any minor children mentioned in the document. You can also specify how those children should be cared for financially if you can no longer provide support.

Choose Your Oakland County Estate Planning Attorney Wisely

For estate planning answers you can trust, it is important to seek the advice and counsel of an experienced estate planning attorney. Not all attorneys are the same. You want one that will work to understand your personal goals and guide you through the estate planning process with your family in mind. At Bingham Legal Group PC, you will work with an estate planning attorney who will take the time to understand your goals and help you find flexible, effective estate planning solutions. Contact us online to schedule a consultation.