When you make your estate plan, you need to consider the best way to get assets to your loved ones. You have three primary options. Some assets have a designation known as “payable on death.”` This enables you to decide now who they will go to when you pass away. These accounts, which include bank and investment accounts, can’t be included in other estate plan documents, such as the will or trusts.
Handing down assets in the will is another option that you have. Remember, wills are almost always public record, so using this method could allow anyone to know what your loved ones received. This might not be the best option if you are concerned about their privacy or safety.
You could also put assets in a trust. This lets you set conditions on the disbursement of the assets. Because these don’t have to go through the probate process, there is a better chance of your loved ones being able to keep things private. Some trusts have special purposes, so be sure to let us know what circumstances you are concerned about and we can discuss your options.
Your estate plan must be personalized to suit your wishes. Because these might change over time, you should review the plan periodically. Do this on a regular basis but also remember to double check things if you get married or divorced, have a baby, gain or lose wealth or when your children become adults. We are here to help you get things remedied if you notice that something is not set up exactly how you want.
