Some careful planning by Franklin created an estate plan that should be studied.
Ben Franklin is credited for creating many, many things in his lifetime, including helping to create the United States, but one of the things that is not discussed is how Franklin handled what he wanted done with his assets when he passed away, according to The Item in “Ben Franklin’s Will.”
Franklin faced a common problem in how he wanted his property handled during his lifetime, as well as after he was gone and the way he handled it was by using a “life estate.”
In his will, Franklin left his property in and around Philadelphia to his daughter and her husband for the remainder of their lives. He directed that after they passed away the property was to be given to their children.
This created a life estate for the daughter and her husband.
Franklin also left instructions as to how the property should be handled, if any of his grandchildren should pass away before their parents and what should be done if any of the grandchildren were still minors when their parents passed away.
An estate planning attorney can guide you in creating an estate plan that fits your unique circumstances and could include a trust or as Ben Franklin discovered a “life estate.”