Ensuring your assets are passed on according to your wishes requires careful estate planning. You’ll want to:
- Create a will and/or trust. Wills outline how your assets will be distributed, while trusts help protect and transfer wealth efficiently by avoiding probate.
- Update your beneficiary designations. All your retirement accounts, insurance policies, and investment accounts should have named beneficiaries.
- Regularly review your plan. To help ensure your assets are going to the right people/entities, review your estate documents and beneficiary designations on an annual basis.