Death, Wills, and Setting up Future Generations

I understand that death and wills are likely not what people want to think about, but I do believe the affect it has on future generations will always be worth the time it takes to set up. Some people stress about everything related to death, while others neglect to even think about it. No matter how much it's on your mind, I think setting up a will should be thought about with more care and intent. Often, people don't make a will because they don't want to stress about something during their life that doesn't go into effect until after their demise. I totally understand this view because it is one that I've had myself at one point in life. If you don't have anyone specific you want to give your assets to, and the stress of figuring it out isn't worth the time, then simply don't. I am in no position to tell you what you should do with your money after death. I respect your decision and there is likely a reason for it that I'm not aware of. On another note, there are people who don't make a will because they don't know the best way to pass along their assets. I don't think a lack of knowledge on a subject is a reason to neglect it. I'm aiming to give a little bit of insight into different ways to approach tackling your will, in hopes that future generations can maximize the benefits. After all, who would want their hard-earned assets used poorly or for a bad cause? Who knows, maybe your grandpa will read this post and change his will in your favor. If he does the opposite, then I'm sorry, but you probably deserved it.

Here are some general tips to consider when deciding the logistics of your will:

1. Will this cause more stress to the recipient than they would like?

• Will the recipient have to buy multiple storage units and moving trucks to get all of your furniture out of your house? That's obviously a unique example, but you get the point. If the person doesn't need furniture, but you don't know that, then you are creating more of a burden than a service. Is it worth having to go to the DMV to change the title of a car, transport it across the country, get it registered in a different state, get expensive repairs, and store it until its ready to go? They got your $5,000 car, but at what cost? Sometimes a gift is more work than it seems, especially if you aren't there to assist the process.

2. Would it be better to tell the recipient what you planned on giving them before you die?

• This ties somewhat into the first tip above. If the recipients don't know what they are getting in your will, it may be harder to plan once you perish. If they are aware ahead of time, they can prepare, and not have to spend unnecessary money on transportation. Additionally, letting the recipient know what they are getting in your will can strengthen your bond to the person while you are still living. After all, improving a relationship while living should be something to consider. It could be the motivation the recipient needed to turn their life around. You never know.

3. Is giving the recipient money the best option?

• Often, money is given to individuals that they can use for whatever they please. If you know that a recipient is responsible, then money could very well be the best and most versatile option. If you have a grandson who is getting into some trouble with drugs and is skipping school, then money might only fuel negative habits and fast forward a downward spiral. Instead, it might be better to write in your will that the money can only be spent on a tutor, therapist, tuition, and rent. The rest of the money that is left, can be given to him once he graduates and gets a job. This promotes working on himself, eliminates financial problems, motivates him to graduate, but still gives him the autonomy to spend cash on what he pleases once his priorities are set straight. If someone has plenty of money, then maybe paying someone to make a heart-touching video collage of you and them throughout the years would be a better option. That could be worth more than all of the money you could have given them. It is all up to your interpretation and what you think the recipients would benefit most from.

At the end of the day, I just hope you consider the deeper implications of your actions whether positive or negative and how they might affect the future. Putting deep thought into something as simple as a will can strengthen existing bonds and give the recipients a better chance at setting up the future like you did when they are older.