Series: 9 Mistakes to Avoid in Retirement Planning
We can pass on assets to others in a few ways when we die. First, they can be jointly owned with the surviving owner takes possession of the assets. Otherwise, it is done through naming a beneficiary.
If we don’t have joint ownership or name a beneficiary, then assets pass down through the stipulations in our will which can get messy. Don’t forget to designate beneficiaries in your will, otherwise your wishes may not be carried out.