One percent or 99 percent, estate planning is smart
Considerations when estate planning
- Will. A will is a written document that provides for the transfer of all property owned by the person signing it upon her/his death.
- Living trust. A living trust is similar to a will, in that it assigns transfer of assets to a trustee upon death. Even though your estate is put into the trust, you can control your assets—even revoke them—during your lifetime.
- Joint tenancy. Joint tenancy is when two or more people own a property together and the title or interest of the person that dies automatically gets transferred to the survivor(s).
- Community property. Community property is when all earnings and assets acquired during a marriage belong to both spouses, regardless of who earned the income. Upon death of the spouse, the community property is split equally and the survivor gets his or her share outright. The deceased spouse’s share of community property is handled through the will or living trust.
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