Mark Glendon

Tips to Ensure Your Assets Stay in Your Family

No one wants to think about death, but it's a reality you must prepare for now. You worked hard to build a life for yourself and your family. You deserve to keep your hard-earned assets in your family.

However, things can arise, and your assets could get tied up in probate. To avoid any ugly issues after you depart, you can work with a New York City asset planning attorney to get your affairs in order now. Here are some ways to keep your assets in the family after death.

Create a Will

The most straightforward way to manage your assets after death is to have a will. A will is a document that defines how you want to divide your assets. While most people associate wills with the ultra-wealthy, everyone should have one!

Wills are relatively easy to write up with an experienced lawyer. They're also cost-effective. When the time comes, the will can avoid family arguments and ensure that your assets go where you want them to.

Don't forget to name an executor, too. They'll be the one who carries out the wishes in your will.

Consider Establishing a Trust

Here's an asset management technique that's usually only beneficial for people with considerable wealth. It's a smart choice if you have over $2 million in assets or have properties in multiple states.

The trust is a fiduciary agreement where a third-party trustee holds onto assets on behalf of your beneficiaries. It's an excellent way to prepare for children's financial future or any beneficiaries you don't believe can wisely manage their inheritance.

Update Your Beneficiaries

Finally, don't forget to update your beneficiaries. We're not talking about trust beneficiaries here. Those matter, too. But the ones people often forget to update are the beneficiaries of 401Ks, insurance policies, investment accounts, etc.

Many people set these accounts up early and contribute to them throughout their lives. Of course, your family can change during that time. You might have an ex-spouse listed as your beneficiary. If that's the case, that detail trumps anything in your will.

Update beneficiaries to ensure that your assets go where you want. Don't be afraid to work with a New York City asset planning attorney. They have the experience and know how to help you strategize and cover all your bases.

Author Resource:-

Mark writes often about estate planning. His articles may include topics like real estate closing attorney and business succession laws to help the people in needs. You can find his thoughts at estate planning tips blog.