Whether your goal is to take care of your loved ones, preserve your assets, or give to your favorite charitable organizations, a well-crafted estate plan can ensure your wishes are honored.

Will or trust

A will or living trust allows you to name the people or organizations you want to receive your assets. If you don’t have such a document, state law will decide where your assets go, regardless of your wishes or the needs of your loved ones. If you already have a will or trust, it’s important to review it regularly. Financial and life circumstances change. You’ll want to make sure your estate plan reflects those changes.

Beneficiary designations

Some of the assets you own—retirement accounts, life insurance policies, even some bank or investment accounts—do not pass according to the terms of your will or trust. These assets pass to the people or charities you named on the beneficiary form for the account, regardless of what is in your will or trust. As part of your planning, it’s important to review and update your beneficiary designations to make sure the assets are going to the people or charities of your choosing.

Estate planning can seem like a daunting task, but it doesn’t have to be. Get started at z.umn.edu/a1ec.