Knowing that we will die is one of the things that separates humans from other living things.  No one likes to dwell on the thought of their own death.  But if you, your parents or other loved ones put off planning until it is too late, you run the risk that your intended beneficiaries may not receive what you had hoped.

What is an “Estate” and “Estate Plan”?  In simple terms, and “estate” is what you own, your house, bank accounts, investments, cars and household items.   An “Estate Plan” is the method of transferring your estate to the next generation.

What is in an Estate Plan?  An estate plan can be made up of several different documents that transfer things in different ways.

• Retirement Plans and Life Insurance Policies allow you name beneficiaries that receive the asset automatically upon your death.

 

• Jointly Owned Property automatically passes to the surviving joint owner.

 

• Trust Assets are distributed according to the instructions you listed in the trust.

 

• Property You Own Alone is distributed according to your Will.  If you don’t have a will, the Probate Court decides for you.

Problems occur when you don’t coordinate the different methods of transferring your assets.  The goal of a good estate plan is to have your assets transfer as simply, quickly and inexpensively as possible after you die.   The best method to keep things simple and inexpensive for your family is to combine a Revocable Living Trust with named beneficiaries.

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