Tips to Help You Divide Your Inheritance
Drawing up an estate plan is not always easy. Especially when it comes to the deeper aspects of family relationships and inheritance. However, there comes a time when you start to put into action measures that will delegate your assets to your intended heirs someday. How should you do this? What is the most peaceful way to reassign assets to family members?
The answer to these questions is very personal. Ultimately, the legal measures you take to ensure certain heirs get specified assets of yours is completely in your hands. However, there are things worth considering as you face this part of the estate planning process.
Call a meeting –Getting the family together to discuss the division of property may help. You will want to be as prepared in advance for any arguments or misunderstandings. Consider having a written agenda flow for the meeting. Set boundaries on discussion time and listening.
You may also wish to schedule one-on-one meetings with your loved ones prior to a group family meeting. The benefit of this would be allowing your loved ones the privacy to speak openly and honestly to you without the judgement and disagreements of a group discussion. It may help clarify your feelings about who should get what and how much of it.
Take good notes – If you haven’t already, start taking good notes on the heirs you have and what you envision giving them after you pass away. When you make a verbal promise to someone, be sure to quickly follow-up with a written document or adding it to your will. It is easy to promise something to someone and then forget about it and have family members argue in the future. Keeping notes and staying organized is one of the most helpful ways of navigating the inheritance planning process.
Explore your options –You have many options when it comes to managing your estate plan. There are all types of stipulations available at your disposal to apply. You may wish to set an age or a date when the money will be available that works well with younger heirs. The choices are in your hands and a qualified estate planning attorney can delineate the details for you.
Consider approaching the decision of delegating based on what you value. For example, when you value peace, you are most likely to make decisions out of that core value. Your values will ultimately impact your decisions because you will feel right about making choices that are in alignment with this core value.