When you first sit down and organize what heirlooms and assets you want to give to each one of your family members and loved ones, you may not realize you have several options regarding how they receive them.
The timing and way that they get the assets can change based on what you choose. Learning more about the differences can help you make a wise decision that benefits your family.
Based on age
According to Kiplinger, you do not need to give away all of the intended assets for a particular person at one time. By adding in a stipulation that your beneficiary must reach a certain age before getting a certain portion of the assets, you can assure that they get what you leave them in stages.
This may leave you with peace of mind if your beneficiaries are young adults who you feel are at risk of spending it all right away.
Based on the trustee
You may find that it is helpful to leave your assets in a trust so that the trustee can distribute them as they see fit to your beneficiaries over time. This can mean that there are no specific guidelines or timelines that the beneficiaries must follow. If they need more or less of your assets at a specific time in their life, they can come to an agreement with the trustee.
Understanding your options is the first step you can take to make a plan for your estate that is in the best interest of your beneficiaries.