When they start writing their will, many New York residents are faced with the difficult decision of dividing up their assets between their children and their spouse. They don’t want to leave their spouse with nothing, but their children might need the money more than their spouse will. What’s the fairest way to divide your assets?
How to split your assets between family members
When it comes to division of assets, some experts recommend leaving as much to your children as possible. Since your spouse is older, they’ll have access to other sources of income like retirement funds and life insurance payouts. Your children are more likely to need financial support, especially after you’re gone.
Passing your assets onto your children can also help you provide for future generations. Your children could use the money to help raise their own children and might even leave some of your money to your grandchildren in their wills. An estate planning attorney could help you leave money specifically for your grandchildren and great-grandchildren.
If you trust their judgment, consider bringing up the issue with your children and spouse. They might be able to provide fair suggestions during the estate planning process. Your spouse might even step aside and tell you to leave most of your assets to your children. If not, keep in mind that it’s your decision and you’re not legally obligated to leave parts of your estate to anyone.
Do you need an attorney during this time?
Most people put off estate planning because they don’t want to think about dying and leaving their spouse or children behind. However, it’s better to be prepared than die without a will and leave the asset distribution to a judge you’ve never met. An attorney could help you write a comprehensive estate plan.