Final Wishes: How to Distribute Your Assets After Passing
Dealing with the inevitable can be troubling, but planning your final wishes is a responsible and thoughtful way to ensure your legacy is honored. The question, “What would you want to happen to your money if you died?” is a surprisingly straightforward one, especially when compared to the complexities of final wishes. This article will explore the process of distributing your assets, the importance of planning, and the various options available for charity and family.
The Process of Distributing Assets
Thirty years ago, I made my will, instructing that my assets be distributed equally among my children. In the event one of my children predeceases me, their share would be passed to their children. This approach, while simple and conventional, may not meet the needs of modern families. The distribution can be adjusted to better reflect current and future circumstances, ensuring that assets are used for meaningful purposes.
While some may consider creating a legacy based on philosophical or unconventional desires, my preference lies in practicality and fairness. I believe that my assets should be used to assist my children rather than alter their characters. Each child's share, though substantial, should not overshadow the importance of personal responsibility and effort. By providing support without financial overreliance, I hope to groom them into capable and independent individuals.
Charitable Contributions and Scholarship Fundings
Many of us desire to leave a positive impact on the world, and one way to do so is through charitable donations. Besides my will, I plan to leave money to various educational institutions and charities, primarily scholarships for students with disabilities and medical conditions. This not only honors my commitment to helping those in need but also reflects my values of inclusivity and support. Universities and community colleges also benefit from such contributions, providing much-needed resources for education and research.
I also plan to fund educational scholarships for people with disabilities at three institutions: a local community college, the University of Wisconsin-Platteville, and possibly other educational institutions. These scholarships aim to empower individuals with disabilities, allowing them to pursue higher education without financial hardships. Additionally, I have earmarked some amounts for friends and charities in case of unexpected or premature death, ensuring that my final wishes are met.
Final Wishes for Family Members and Spouse
While I am committed to supporting the well-being of my family through my final wishes, my efforts are tempered with practicality. My estranged child and lazy spouse will receive minimal amounts, as they have shown no commitment to family affairs and relationships. I take this stance to maintain fairness and uphold the importance of personal responsibility.
In the event of my wife's passing, I intend to support her with what my "widow's mites" can provide, which may include a grand send-off with a nice wake and leftover funds for a charity like Marie Curie Nurses. This approach reflects my dedication to supporting those in need and honoring my final commitment to help where it is most needed.
Conclusion
Creating a detailed and thoughtful plan for your final wishes is not only a commendable action but also a way to ensure your legacy is upheld. By carefully considering the distribution of your assets, both for charity and family, you can achieve peace of mind knowing that your final wishes will be fulfilled.
Whether you opt for a straightforward distribution or a more complex plan, the key is to ensure that your final wishes are clear and legally binding. Consider consulting a legal professional to draft your will and other legal documents, ensuring that your wishes are respected and honored by your loved ones.
By exploring different avenues for your assets and contributions, you can create a lasting impact on the world, offering support to those in need and leaving a lasting legacy.