Distributing Assets

The following are some ways you can distribute your assets

First, create a list of your assets including property, bank accounts, shares, vehicles, life insurance policies, jewellery, pension funds, and anything of value. Make sure you don’t miss anything.

After you have listed your assets, you can distributed them. You can distribute them as a single item for example a house, a car, or a boat.

You may also distribute assets by percentage. For example, 50% of your house to one child, and another 50% to another child.

Another way you can distribute is to specify a fixed dollar amount, for example $50,000 to your aunt.

Too many beneficiaries for a single property

Be careful not to have too many beneficiaries for a single asset, for example a car. While you can give each beneficiary a portion of the asset, it might be wiser to sell the asset, and give the proceeds from the sale to your beneficiaries.

This will prevent too many owners having a share of an asset which can lead to arguments on how to dispose of the property in the future.

Some online will software do allow 2 or more beneficiaries for one asset.

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