Ways to make distributions to descendants

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Distributions of Assets

In both a Will and a Revocable Living Trust, there are different ways to make distributions to your beneficiaries.  You can make specific distributions or residuary distributions.  Specific distributions are used when you would like to leave a specific amount of money, or a specific item of property, to a specific person, a class of people (i.e., “my grandchildren”), or a charity.  Specific distributions have priority over the residuary distributions and are distributed first.

After any debts, taxes, and specific distributions are paid, the remaining estate is called the residuary.  Residuary distributions are typically divided into equal shares for your descendants, but you can specify different percentages for different people or charities.  If one of your children predeceases you, then that child’s share typically goes to the grandchildren of that child, if any.  If more than one of your children predeceases you, and there are different numbers of grandchildren from each child, then there are different options for dividing the shares for the grandchildren of those deceased children.

If you would like to know more about your estate planning options, please don’t hesitate to call for a free consultation.  I am an estate planning attorney in Spanish Fork, Utah.  While my office is in Spanish Fork, I provide estate planning services in all of Utah County and beyond.

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