Deciding who will inherit your wealth when you pass is not an easy task. For starters, none of us are particularly fond of thinking about our own mortality. Not only that, but it can be hard to know the best method for breaking apart your assets among your family and friends. As experience Denver retirement income planners, we work with countless families across the metro area who are preparing for retirement and who are focusing on estate planning as well. We can help you put together a plan that encompasses your years spent in retirement, as well as what will happen to your wealth when you pass.
Check out these tips for determining who should inherit your wealth and reach out to our team for help with estate planning today.
#1: Think About Dependents & Needs
The first thing to consider is whether or not you will be leaving any dependents behind who might need funding to continue living comfortably. This could be children who are still in the home, adult children with disabilities, or even pets. Dependents are usually priority number one for bequeathing wealth. The goal is to ensure that those who have relied on you for daily life can continue to do so even past your death.
From there, think about family members who might have specific needs. Do you have a child who is raising four kids alone? They might be someone who would particularly benefit from a large portion of your wealth.
#2: Consider Charities And Organizations
Family and friends are not the only ones you can leave your wealth to. You can also consider charities and organizations as you plan your estate. Are you passionate about a particular cause? Leaving a portion of your wealth to a non-profit can be an excellent way to leave a legacy beyond your life. Take some time to consider what organizations might benefit most from your funding.
#3: Account For How Family Will Handle It
Another aspect you may want to consider when estate planning is how your family will handle the way you divvy up your wealth. Will it cause contention if you do not give all of your children an equal share?
While, ultimately, you cannot control how your family and friends behave after your death, you can take into consideration the feelings of those who will be left handling your estate.
#4: Do What Is Right For You
Finally, be sure that however you decide to handle your wealth distribution it is exactly what you want. Don’t allow any family members to bully you into doing something that isn’t right in your heart. Your wealth is yours to do what you want with. If you feel like donating everything you have to a charity you are passionate about, you have that right. Be sure you consider exactly what you want and work with a professional estate planner to guarantee that things will be handled as you wish.
Here at Income For Life, our goal is to help you with building the retirement plan of your dreams, as well as setting up the right estate plan for your family. Talk to us today about retirement income planning in Denver and prepare for your future, no matter what it holds.