According to the National Association of Financial and Estate Planning (NAFEP), here are the kinds of heir-planning issues to consider as you begin to plan your will and last wishes:
- Do you want to bequeath equal or unequal shares?
- At what age should each heir inherit? (You can set it up so that they receive specified chunks at specified ages.)
- How to distribute non-divisible property (such as a house or the bowling ball with which you won a tournament).
- Whether to leave out or disinherit any heirs.
- What to do in complicated family situations, where spouses have children from other marriages.
- What to do when you have a reckless child that spends with abandon.
- How to deal with mentally or physically disabled heirs.
- Ensuring that heirs will use their share to pay for college, or whatever you had in mind.
- What happens if an heir "predeceases" you.
- What special gifts you might want to give -- such as to favorite nieces or charities.
Hey -- it's depressing stuff, but it can save you and your loved ones a lot of headaches and money!