"End-of-Life Planning: Essential Tips for Wills and Trusts"

Creating an estate plan is important for everyone, regardless of wealth, as it spells out who will make decisions and inherit assets. A will may not cover all bases, as beneficiaries listed on accounts will receive the money regardless of what the will says. Careful consideration should be given to picking an executor and assigning powers of attorney. Assets such as stocks, bonds, and real estate may get a "step-up in basis" upon death, making it more beneficial to wait before gifting them. Setting up a trust can be a good option for those who want to control how and when their beneficiaries receive money. Estate plans should be reviewed and updated after major life changes.