Consider these ways you can divide assets in your will.
When you draft your will with your estate planning lawyer, you must approach the task with thoughtful planning and decision-making. Deciding who your beneficiaries are is a critical part of the estate planning process, as is making a comprehensive list of your assets. Once you know what you have, how do you decide to divide your assets in your will? Your estate planning attorney at The Millman Law Group can help you determine a fair distribution of assets or help you navigate ways to mitigate disputes among your beneficiaries.
Ask These Questions When Dividing Your Assets
When you start dividing assets in your will, ask yourself these questions to navigate the process of deciding who receives which assets.
- Will your heirs have the same opinion about “fair” distribution?
- Are your heirs about the same age and have the same level of need?
- Is there a family business to consider?
- Do any heirs want sentimental heirlooms?
- Do you want heirs to get equal inheritance, and should the estate be divided equally?
- How will taxes and probate impact inheritance?
- Have any beneficiaries stated a wish to inherit specific property?
Once you have made an asset inventory, assigned a value to each asset, chosen your beneficiaries, and decided a fair way to divide your assets, you can make assignments.
Option 1: Sell Everything
You may have your executor sell all of your assets and distribute the money earned based on the shares you have decided will go to your heirs. What are some ways you can divide your shares?
- Every child and your spouse gets an equal share
- Your spouse has 50%, and your children equally divide the rest
- All the money goes to a charity
- And more!
You can divide your estate in many ways. However, you may decide to turn your assets into funds first to divide your estate’s value equally.
Option 2: Assign Each Asset
Every asset listed in your inventory has a value. You can then assign each item on your inventory to a specific heir, so ensure that each person receives a certain total asset value. Your assets may include financial accounts, property, investments, businesses, and antique furniture.
Option 3: Let Your Personal Representative Divide Your Assets
When dividing assets in your will, you may ultimately leave it up to the personal representative (executor). Leave instructions and criteria for your personal representative to follow when dividing and distributing your assets. It is important to note that this option can leave your executor vulnerable to family disputes, so provide guidance for conflict if you let this person divide your assets.
No matter how you plan on dividing the assets in your will, work with an experienced estate planning attorney to make sure you craft a will that provides for your heirs exactly how you want.
Estate Planning Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs Trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.