How will your assets pass to others at your death?

• Probate assets pass by Will
  All assets owned individually or as a tenant in common will be transferred according to the terms of your will. If you have not executed a will, state law will direct how your assets are distributed (What Happens to the Decedent's Property When there is No Will?). All these assets will pass through the probate process, which may add cost and delay to the settlement of your estate and will make your property a matter of public record.
• Some assets pass by virtue of joint ownership
  Property that is owned as joint property with the right of survivorship (such as real estate or joint bank accounts) will pass directly to the joint owner free of the probate process.
• Some third party assets pass free of the probate process
  Contracts (such as qualified retirement plans, IRAs, life insurance contracts, or annuities) pass their proceeds directly to the named beneficiary. Care should be taken that the beneficiaries named in these contracts are appropriate since these pass outside the will and the probate process. Careful consideration needs to be given to the age, maturity and solvency of potential beneficiaries.
• Some assets pass by Trust
  Assets that are owned in trust pass to beneficiaries according to the trust's terms. There are many types of trusts that may be appropriate for an individual's estate planning needs. Trusts must be carefully constructed to be certain that your wishes are carried out in the most cost-effective way.
  

ESTATE PLANNING QUESTIONNAIRE: Effective estate planning requires that all relevant information concerning your personal, family and financial situation be assembled. This form as been prepared to aid you in organizing that information. If insufficient space is provided for any information, please include it on a separate sheet.