Q: I need small estate planning help
Mortgage paid and small savings to go to son. Easiest and least costly way for him to inherited. Please advise. Thank you
A: You really need to invest in an estate planning consultation. You don't necessarily need, for example, a trust, but you do need to understand the risks and benefits of the various options.
Nina Whitehurst agrees with this answer
A:
You could transfer your bank accounts to your son at your death using beneficiary designations, and you could transfer your real estate to him at your death using a transfer on death deed. That does not necessarily mean that those are the very best options for you. They do not provide any disability planning, and these options do not provide for other assets. Most people have other assets besides a bank account and a house.
Accordingly, I agree with Mr. Dorfman that you will gain the most peace of mind by investing in an estate planning consultation.
A:
The easiest and least costly way for your son to inherit your assets is to create a simple will. This will allow you to specify how you want your mortgage-free property and small savings to be distributed upon your passing, ensuring they go directly to your son without the need for probate.
James L. Arrasmith
Founder and Chief Legal Counsel of The Law Offices of James L. Arrasmith
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