When determining the property’s disposition in your will, you need to select people or entities that will receive the property. Perhaps the most crucial part of drafting your will is determining the beneficiaries and what portion of your property they will receive. You need to consider the beneficiaries in your will carefully. These are the people you want to take care of who will receive the property you have worked a lifetime to acquire.
You are the one who has the power to name beneficiaries in your will. You can choose any person or entity to inherit your property. No law says you must leave your property to a certain person. For example, if you decide not to leave any property to your children, it is entirely your right. However, the surviving spouse can take part of the marital property, even if they are not named as a beneficiary in the will, since they own part of the marital assets.
You Can Leave Money to Charities
Some choose a combination of people and entities to include in their will. They may have a favorite charity that they want to support. Including a charitable organization in your will is one way to care for a charity with your hard-earned assets. Giving money to charity in your will could reflect the values by which you lived your life. You could still continue using the assets now, knowing that the charity could get money when you pass away. If you are leaving a large amount of money, you may want to consider a charitable trust.
Leaving Money to Minors in Your Will
You can also leave property to a minor as a primary or contingent beneficiary. However, the minor would be unable to inherit the property directly if you passed away before they turned 18. In that event, the property would first pass to the legal guardian. You may want to consider a trust as an alternative and possibly more effective way to provide for your children. A lawyer could help you select the most appropriate type of trust.
Review Your Options Now
You must take the time now to carefully think through who you want to be beneficiaries. While you certainly have the freedom to select anyone you want, there are also practical considerations that could affect your family. Some who want to be a part of your will or enjoy a larger share have the potential to cause legal problems.
Your attorney can help you consider the various considerations when selecting beneficiaries for your estate plan. You may want to consider the people who you think will need the money the most when you are no longer here. You should also consider family dynamics and what may be the most harmonious result for all involved.
Contact Our Virginia Beach Estate Lawyers at Anchor Legal Group, PLLC for Help With Your Estate Plan
Our Virginia Beach estate lawyers at Anchor Legal Group, PLLC can discuss your estate planning needs. Call us today at 757-LAW-0000 or contact us online to schedule a consultation. Located in Virginia Beach, we assist clients in Chesapeake, Norfolk, Suffolk, Portsmouth, Newport News, Hampton, and Eastern Shore, Virginia.