It can be very frustrating to watch advisers compete with each other for influence and to promote their own ideas. This is the point at which all the time you spent on the initial planning steps will pay off. If you have explicitly identified your goals and concerns, you and your advisers will be working from the same road map, which will promote productive cooperation among your advisers. Consider designating one professional planner who specializes in these issues to lead the effort. The process may seem overwhelming, but if you follow these steps, you'll find that the task is manageable.
Simplicity is the key.
It's not always easy to address some of these issues, but once you have a succession plan in place, you can rest assured that your business and your family will be secure no matter what the future brings. Assets owned as joint title with rights of survivorship and the spouse's share of community property are distributed first regardless of anything your will states. The titling of an asset also determines whether it will be included in your estate for tax purposes. The terms of your will do not affect the distribution of these assets unless special steps are taken to coordinate these systems. If you have no will or your will is invalid or incomplete, state law will determine the distribution of the remainder of your assets.