Not only do people underestimate the effort that goes into creating a will, they also underestimate the problems that can result if they do not have one. So, there are four basic strategies for helping your transfer of wealth go as smoothly as possible. First, it is most important that you have a simple will in place. Next, you should create a living trust, which can help protect your assets and avoid probate. Also, properly title your accounts, so that your individual investment account is not in danger of going to probate. Finally, have a life insurance policy; these policies help cover financial expenses for your loved ones.
See Tanya Tucker, 4 Strategies to Avoid an Estate-Planning Mishap, Trust Advisor, August 3, 2016.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
