PROVIDING FOR YOUR LOVED ONES AFTER YOU DIE
Your Estate Plan should address and provide for your specific goals regarding
the following:
1. Who do you wish to provide for?
- Surviving spouse
- Children and grandchildren
- Relatives and friends
- Charities
2. What is the best way to provide for them?
- Outright gift ( they have full control, no restrictions )
- Gift over time, such as a given amount or percentage upon reaching
specified ages, or a specified monthly or annual amount.
- Restricted gift for a specified use, such as education or for purchase of
a home.
- Gift held, to be given when the beneficiary meets certain conditions, such
as a graduation, or successful rehabilitation treatment.
- Care for a special needs spouse or child
3. Providing for Surviving Spouse - Examples of some options:
- All to surviving spouse, no restrictions, spouse can decide what to
do with what is unspent. (General Power of Appointment.)
- All for use of spouse as spouse desires. What is unspent goes to
other beneficiaries whom you specify.
- All for use of spouse as spouse desires. What is unspent goes to
children or others you specify, except spouse is given the power to
change the amounts or percentage going to specific beneficiaries, but
spouse cannot go outside of the beneficiaries you chose. (Limited Power
of Appointment.)
4. Do you want to protect the inheritance going to your heirs?
- Protect inheritance from lawsuits and creditors of your heirs.
- Preserve inheritance for children if spouse remarries.
Protect your inheritance for your grandchildren if
- Your child dies leaving children
- Your child divorces or remarries.
- Your child becomes disabled, incompetent or addicted.
[Healthcare Planning-Advance Directive] [Protecting Yourself During Your Disability] [Protecting your Loved Ones after Death] [Providing for your Minor Children]
