Where your Stuff goes and how it gets there when you die we call estate planning. We like to talk about it but it’s an important issue that you have something in place for your family to make that process smooth as possible and to be honest as cost-effective as possible.
There is what wrongs those each one of those wrongs represents a different way of planning for your estate. What are the challenges in dealing with estate planning as multiple ways to get to your solution? Determining which is a difficult question.
Doing Nothing: To be quite straight with you guys doing nothing is an option. You can’t have to do anything, your estate will get to your ears without you doing anything. There is something in the law called the law intestacy that says if you die or when you die, your assets will decent to your ears.
Joint ownership: Most people do this and without even knowing it will have assets on with our show our assets. Why are doing that? You doing that quite frankly to make sure that when you die those assets go to your areas easily because they are clearly are the owner of it.
Beneficiary Designation: Intrust for an account (ITF) pay on death (POD) transfer on death (TOD)
Simple Will: It’s the easiest way to solve this problem. Where your stuff is supposed to go, who is to get it, and who is to be in charge of your affairs after you die. It involved the probate process.
Trust: As you become more complicated your estate meaning more complicated assets your housing have different states, you have multiple different types of assets, you have multiple beneficiaries, maybe some little beneficiaries have challenges or their special needs or minors or whether you hold it back and give them love some.