When you are writing your will, you have many important considerations to make. Foremost among them is which assets will go to which heirs. Do you split your assets evenly? Will one heir get more than the rest? Which one of your heirs will receive specific, non-monetary assets? At Slutsky Elder Law, we know it can be confusing to divide your assets among your heirs, but by giving it some careful thought and speaking to an elder law attorney, you can do right by yourself and your family.
Here are some considerations you will want to make when dividing up your assets in your will:
How Many Heirs Do You Have?
If you only have one heir, writing your will should be fairly simple. When you have more than one heir, things get more complicated. Depending on the size of your estate, dividing it evenly among multiple heirs could leave each one with a relatively small slice of the pie. If one or more of your heirs is better off financially, you may want to consider giving a larger portion to your heirs who have a financial need.
How Old Are Your Heirs?
Age can be an important factor in dividing your assets, especially when you have multiple children who will inherit your estate. If some of your heirs are younger, it may make sense to put their portion of the inheritance into a trust until they reach a certain age.
Do Any of Your Heirs Have Special Needs?
If one of your heirs has special needs, or they have children with special needs, it could make sense to give them a larger portion of your estate so that they can provide for the additional medical expenses they incur over time.
What type of assistance would your heir with special needs require to assist them with responsibly managing the additional financial resources?
Are Any of Your Heirs Involved in a Family Business?
When you own a business, ownership and control of that business can be a major point of contention among your heirs. If any of them were closely involved with the day-to-day operation of a family business, it can make sense to leave it in their hands when you pass away. In cases where all of your heirs were involved in the business, you may want to leave it to the one who held the highest position in the company, or the one who took the most active role. Ultimately you may need to consider other gifts so that the ultimate plan is equitable.
Do Any of Your Non-Monetary Assets Have Sentimental Value to One of Your Heirs?
Inheritance isn’t always about money; sometimes an asset can hold a special place in your heirs’ hearts. For example, if you have to decide who will inherit your home, it can be difficult to make a choice. Perhaps you moved into the house when one of your children was older. In that case, it could make sense to leave it to the younger child who spent the most time there. Or maybe one of your heirs particularly admired a piece of jewelry from your collection. You may want to leave that piece to them to ensure it will be kept in the family rather than being sold. Certain assets should be given away in different ways. There are many factors which should be considered when putting together your estate plan.
Estate Planning Attorney in Montgomery County, PA
We could write thousands of examples of how you might divide your assets among your heirs, but they would only be hypothetical. You know your family better than anyone else, and you are in the best position to decide who should receive which assets and when they should receive them. Talking to an estate planning attorney will help you make the best decisions for you and your family. If you live in Montgomery County, PA, Robert Slutsky can help you. Rob was one of the first attorneys in Pennsylvania to dedicate his practice to elder law concerns and he has decades of experience helping PA seniors divide their assets in a will. If you need an estate planning attorney in Media, PA or surrounding counties, call (610) 940-0650 or visit our website to request a consultation.