Know Your Options to Help Protect Beneficiaries Asset Distribution Done Right
Discussions about inheritances are often delicate. However, the goal is to consider the unique circumstances of your children or other beneficiaries. You want to provide for loved ones without offending anyone in the process, yet some are more responsible with money than others, and you want to help them make the most of their inheritance. Here are a few suggestions to set your family up for success after you pass. No-Contest Clauses Employing a no-contest clause in your will can eliminate any potential in-fighting or contention to break away from your wishes. It automatically disinherits any contentious family members. If you know your kids enjoy bickering, then adding this no-contest clause puts them on notice to leave their bickering aside, especially in court. Preventing a long, drawn-out court
mess is a surefire way to take care of your family. It’s an easily added clause; you just have to choose to include it. A Living Trust Establishing a living trust is one way to delineate how you want your assets to be distributed after you pass, and you can revoke or change it at any time while you’re still around. You can set up a few different ways for the successor trustee to distribute assets from the trust, depending on your family circumstances: outright distributions, staggered, or discretionary. An outright distribution means beneficiaries receive assets without any protections — but an irresponsible recipient might squander the inheritance very quickly. The staggered distribution allows you to set the rules about how and when funds will be distributed or if any triggering events will play a role (turning 18, marriage, etc.).
The last option is to give your successor trustee discretionary power to distribute assets — they will decide when and what a beneficiary will receive. Choosing the Right Trustee Whichever distribution option you choose, selecting the right person or entity to be your trustee (an individual, a private fiduciary, or a bank) is crucial. They should be trustworthy and fair, especially if you grant them discretionary power. They’ll be in charge of making sure your assets are distributed according to your wishes — and their best judgment. Being firm in your care for others won’t make you the villain. Thankfully, you can share your legacy and assets according to your best judgment and discretion. You have several options and tools — just remember, you know your children best.
How George H.W. Bush Narrowly Survived WWII World War II was one of the darkest eras in human history. Many only survived because of guts, ingenuity, resilience, and luck. Former President George H.W. Bush — not to be confused
other couldn’t get out of the plane before it hit the water. The future president was the only survivor and was left floating in a raft roughly the size of an inner tube in the Pacific Ocean. Lucky for him, a submarine found him and pulled him aboard.
with his son, George W. Bush — was one such person. The elder Bush was a pilot during WWII, one of the most dangerous positions in the military. Twenty percent of U.S. pilots were severely injured or killed during the height
Recounting the story, he would later say that he felt responsible for the deaths of his crewmates. “I’m not haunted by anything other than the fact that I feel responsibility for the lives of the two people that were
of the war. On Sept. 4, 1944, Bush was assigned a bombing mission over Chichi Jima, a tiny island that lies southeast of the Japanese mainland.
killed,” he said to reporters. “Why the chute didn’t open for the other guy?”
While his story is tragic, he was lucky compared to the other mission survivors. In the infamous Chichi Jima Incident,
Flak hit his Avenger aircraft while en route, setting its engine ablaze and
filling the cabin with smoke. Unable to fly much farther, Bush and his two crewmates evacuated. After dropping four 500-pound bombs on their target, they flew the plane eastward over the ocean as it went down. They figured they’d rather risk the sea than be captured by the Japanese.
eight soldiers landed on the shore of the island and were taken prisoner. None of them survived the horrific torture inflicted upon them. In 1947, four Japanese officers who were stationed in Chichi Jima were executed for war crimes by a U.S. commission in Guam.
It’s impossible to comprehend the full scope of World War II. Bush’s story of bravery and survival gives us a glimpse into this historic event.
Bush jumped, hitting his head and ripping his parachute on the plane’s tail. Still, his parachute worked, but his crewmates weren’t so lucky — one died when his parachute didn’t open, and the
2 • swbwlawfirm.com
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