The Various Methods of Wealth Transfer Planning

Protecting Your Family & Legacy

The Various Methods of Wealth Transfer Planning

After you pass away, there is a variety of ways in which your assets can pass on to your heirs and other beneficiaries of your estate. That is why the method you decide to use to transfer assets is crucial if you want to make sure your family’s future is protected after you die. Below, we discuss some of the most commonly used methods for transferring wealth.

#1: Last Will & Testament

This legal document is used to transfer wealth during the probate process after a person passes away. However, due to court costs, issues of privacy, and lengthy administrative delays, many people choose to use alternative methods that cover how joint tenancy property and assets with designated beneficiaries will be transferred after their death.

#2: Beneficiary Designations

After a person dies, certain assets will automatically pass on through “beneficiary designations.” Generally, assets like retirement accounts, annuities, and insurance policies will have a beneficiary designation attached. Although the transfer is fast, people sometimes don’t like to use beneficiary designations because they aren’t flexible enough to cover all possible contingencies.

#3: Jointly Held Property

You can use “Joint Tenancy With Rights of Survivorship” to title property you want to pass on to the surviving “joint tenant.” Once there is only one tenant left, the asset will be subject to probate, but people often just add another joint tenant to continue the “non-probate” strategy. However, continued joint tenancy can expose your capital gains and increase the risk of creditors coming after one of the joint tenants.

#4: Revocable Living Trust

With a Revocable Living Trust, you can funnel your assets to you beneficiaries without worrying about the court intervening in your affairs. A Revocable Living Trust also allows you to avoid exposing your capital gains and protects your beneficiaries from creditors. Revocable Living Trusts also provide better contingency planning options compared to beneficiary designations.

We Can Help You With All Aspects of Wealth Transfer Planning

At Estate Law Partners, LLC , we make it our priority to provide each of our clients with the highest quality legal services for all of their estate planning needs. Whether you need reliable counsel for transferring your wealth to the next generation or you want to review your existing estate plan to make sure it covers all of your interests, our compassionate and knowledge team is here to assist you.


If you would like to request a case consultation with our firm, please give us a call at (608) 292-5185 or contact us online today.


 

The Stories That Matter Most

Read About Real Client's Experiences
  • “Matt did a great job explaining and helping us navigate the process of creating a will and trust.”

    - Allison
  • “[Matt] was very engaging and rephrased any questions we didn't udnerstand.”

    - Steven
  • “The partners very knowledgeable and you can tell they enjoy what they do. The entire staff I'd very helpful and pleasant to work with.”

    - Maggie
  • “From the support staff to the attorneys, everyone has been responsive and attentive.”

    - Richard
  • “She was very responsive and always made sure to answer any questions we had.”

    - Shannon