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.
From Documents to Deeds ELIZABETH’S ROLE IN SECURING YOUR LEGACY
At the Law Office of Polly Tatum, we take immense pride in our team members — they are the cornerstone of our success. One of the prized members of our working family is Elizabeth Smith, who became an integral part of our team in November 2023. With five years of experience as an estate planning paralegal and armed with a Bachelor of Science degree in paralegal studies, Elizabeth wears multiple hats in her role. Elizabeth facilitates much of our client communication, collecting information and guiding clients through the intricacies of estate planning. She drafts estate plans and orchestrates meetings with clients for the seamless execution of documents and transactions. Beyond this, she dedicates time to reviewing the devised plans and enlightening clients about the critical aspect of funding their trust when applicable. Additionally, Elizabeth takes charge of drafting and recording deeds to effectuate the smooth transfer of real estate assets into the trust. For Elizabeth, the most gratifying aspect of her job is assisting clients in crafting estate plans that align with their needs and secure their enduring legacy. “It is important to me that each person understands the documents. This subject
can be emotional, and many people procrastinate or feel overwhelmed when they begin to explore the topic. I enjoy being able to explain the process and give our clients a feeling of peace and accomplishment,” she passionately shares. Elizabeth approaches each day with optimism, fueled by the belief that she can make someone’s journey a little more manageable. Her commitment is rooted in the profound importance of family, stating, “My family is the most important thing to me, and I am grateful I can help our clients reach their goal of providing for their families now and in the future.” Outside of her professional commitments, Elizabeth is a loving parent to two adult children, one of whom resides with her. Her elder son has started a family of his own, making Elizabeth a proud GiGi to two grandchildren, including a newborn. Embracing a well-rounded life, she finds joy in reading, spending quality time with friends, walking her dog, and cherishing moments by the ocean. Elizabeth’s dedication to both her work and personal life exemplifies the core values we uphold.
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