One solution is to prepare a Will. The Will is the most basic form of estate planning. The Will allows you to decide who will inherit and you can control how the inheritance is managed.
If you and your spouse have children from prior marriages, the Will ensures that both sides of the family benefit equally from your estate.
If you have disabled beneficiaries, you can ensure that their inheritance will improve their quality of life without disqualifying them from public benefits.
If you have beneficiaries that are very young or otherwise cannot properly manage an inheritance, you can provide that their inheritance will be managed by someone you trust.
If a beneficiary dies before you, you can name alternate beneficiaries to receive that person’s gift, such as his or her children, other family members or friends, or charities.
For very small estates, a Will can be a good solution. However, for most people who use a Will, their estate must still pass through probate. For most people who own a home or have complex family dynamics, a Revocable Living Trust is a much better choice.