Now that you’ve faced the possibility that you may die when your children are young, let’s discuss how you would want your estate handled if your entire family died together. I know, it’s a horrible thought. During the Estate Planning process you will have to imagine scenarios where all of the people you love and care about die before you in order to determine how their death would affect what you want to have happen to your estate.
I find it helpful to think of these alternate gifts as all the great ways I can use my estate to help the people and causes I care about if I didn’t have to provide for my daughter. Depending on the size of your estate, you can end up feeling a little bit like Oprah—“YOU get a car and YOU get a car and YOU get a car!” Or, if your estate is more like mine—“YOU get a bicycle and YOU get a bicycle and YOU get a bicycle!”
So let your imagination run wild. Here are some questions to get you thinking:
· Is there someone you know who could really use a break? Someone who is always giving of themselves, but could use some financial help?
· Is there someone who you really believe could do great things in life? How can you help them achieve their dream?
· Is there someone who is struggling to pay for an education or a child that you want to see go to college?
· Is there a person who helped you get where you are today? How? Can you make a gift that would recreate that support for someone else?
· Were you the recipient of an educational grant or scholarship?
· Were you involved in an organization that made a difference in your life?
· Is there a cause that you believe strongly in? Is there a person or organization that is doing good work in that area?
· Would you rather give smaller gifts to many people or larger gifts to one or two? Do you want to be recognized or give them anonymously?
· Do you want to create a trust or make a one-time gift?
· Do you want to put conditions on your gift?
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