While researching estate planning, you may hear horror stories about assets going to the wrong beneficiaries. How do you keep this from happening to your family? U.S. News & World Report provides estate planning tips for keeping your money in the family. Do your part to ensure your assets go to your intended recipients.
Name your beneficiaries
Rather than leave anything to chance or misfortune, name your intended beneficiaries for your assets, such as life insurance plans and retirement policies. Speak to a legal professional about drafting beneficiary deeds and transfer-on-death provisions.
Create a will
While you may feel overwhelmed by the number of estate planning documents available, it makes sense to at least have a will to direct that your assets go to your intended heirs. Wills do not guarantee that your beneficiaries sidestep probate entirely. Experienced counsel can help you consider estate planning strategies to best meet your needs.
Consider a trust
Some families and individuals find that trusts are a valuable part of their future and estate planning. Establishing a trust could give you peace of mind. There are difference kinds of trusts to meet different kinds of needs. Irrevocable trusts offer tax advantages, but you no longer own assets you place in the trust. Instead, assets belong to the trust while you and your heirs avoid estate taxes. If you create a revocable trust, you can retain control over the assets you place in trust. Living trusts and special needs trusts are formed to benefit a specific person or people.
You deserve to control where your assets go and who receives them. Talk to an experienced attorney and get the facts on estate planning.