It would be wonderful if everything we intended to pass on to our children and other heirs came to them easily, without undue taxation, delay or bother. Unfortunately, things like your home won't just automatically pass to your heirs, at least not without tax consequences. Unless you've carefully planned, taxes can take a big bite out of your assets, especially if they include appreciating property.
Probate can take a year or more.
Of course, the simplest way to direct the distribution of your assets to your heirs is with a will. Everyone should have one. But a simple will alone won't minimize your taxes, prevent probate or protect against guardianship. Depending upon your age, the ages of your children, the type of assets you're passing on, and the nature of the other individuals or organizations you'd like to benefit from those assets, there are a variety of strategies that will help you fully realize your goals. Before you learn about the in-depth details of each strategy, compare their advantages and disadvantages.