Practical Estate Planning Tips Series 7 of 10

Tip #7:  Beneficiary Simplicity.

People like to leave a legacy, I get that.  People like to have control, even beyond the grave, I get that too. However, many people will take this too far by coming up with a complicated beneficiary distribution.  You need to weight the purpose of the give against the practicality of administering the gift. Basically a burden / benefit analysis. Keeping it fairly basic will make it easier and less expensive to administer and will make the trustee job more desirable.

Many times when there are complex distributions, or when we hold the assets for many years, the trustee loses interest in being trustee.  Keep in mind, it can become a burden and can effect relationships.

So reserve the complex planning for those beneficiaries that really need it, such as a disabled beneficiary. And if such complex planning is needed, be sure to pick a trustee that is willing to administer it - perhaps even a professional fiduciary instead of a family member.


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