We have previously discussed why leaving your estate to your children in equal shares isn't always fair. In fact, it could destroy the value of the assets you leave and ruin family relationships. So what solutions do you have to be fair and preserve family harmony?
Previously, we talked about common mistakes when naming beneficiaries for your life insurance policy. These mistakes included naming beneficiaries who are minors, incapacitated, receiving government benefits, spendthrifts, or high-risk.
Life insurance is one of the largest assets in a person's estate, so who you designate as the beneficiary of the policy is a major decision (especially since this designation controls over what your will or trust say).