VIDEO TRANSCRIPT: After we discuss all of these things then we get into the distribution of the estate. How are we going to distribute the estate? The first things most trusts tackle are gifts of personal property. So we talk about whether or not there's going to be anything specific given to anybody. For example, Johnny gets my fishing gear. Sally gets my wedding ring and other jewelry. My paintings shall go to Cousin Vinny, for example. And we have to talk about what we're going to do with gifts of personal property.
And then after we've done that we then talk about who the first tier of beneficiaries are going to be. And in many families that would be, for example, "evenly to my children", "equally to my children", so-and-so and so-and-so. And we can also talk about how they will inherit and under what circumstances or perhaps what circumstances will they not inherit. Maybe the money should sit in the trust and be protected for them. Now if the first tier of beneficiaries are to pass away, we need to discuss second-tier beneficiaries, and those are often grandchildren. But again it could be anybody you want.
And the final thing that we discuss are contingent beneficiaries. And this is kind of like the apocalypse, because it's something we discuss when both the first and the second-tier beneficiaries are no longer around, we need to pick contingent beneficiaries who will receive. And this is often, you know, family members, charitable organizations, a college, a high school- whatever you want. But we need to discuss that during our initial consultation. And that's part of our discussion.
If you need help with your estate plan, contact our office today at (661) 414-7100 for more information.