Wills: Restricting Beneficaries or Creating Sharing Agreements

One of the benefits of writing wills is that you can have some say over what happens to your property when you die. Here are a few things to consider about restricting beneficiaries or creating sharing agreements with your will.

Life Estate Gifts

With this type of gift, you can actually leave a portion of the equity in your real estate to a beneficiary while you are still alive. This will allow you to keep using the property while you are alive, and then the property will pass to your beneficiary when you die. 

Conditional Gifts

You might also decide to leave conditional gifts to your beneficiaries. This will allow you to make your beneficiaries meet certain conditions before they can have their inheritances. For example, if you have a beneficiary that has a drug or alcohol problem, you can require that he or she pass a drug test before receiving a payment from your estate.

Sharing Agreement

You might also decide to leave some of your property to more than one beneficiary at a time. You will be able to set forth a sharing agreement that requires your beneficiaries to share an asset that you have left for them.