Explore Your Options
Every family is different and may require different solutions for wealth management and estate planning. Depending upon the size of your estate there are various ways to transfer your assets to your beneficiaries. These can include trusts, payable on death accounts or a probate of your will. The tax implications of these strategies need to be discussed with a financial professional.
Talk to Your Family
Whatever you decide to do, have an open dialogue with the family members involved and explain your decisions. It is critical to be open and honest with your heirs and answer any questions they may have to ensure they have a comprehensive understanding of what the process entails and what it will mean for them individually when the time comes.