Editor’s note: This is the second article in a monthly step-by-step guide for getting your financial house in order. Yes, it’s a daunting process, but we’re breaking it down into manageable steps that you can take each month until the task is done. In April, we brought you How to Put Together Your Personal Net Worth Statement. For May, we’re tackling asset titling and beneficiary designations.
When it comes to estate planning, many people spend time crafting a solid will or trust, but they often overlook two critical pieces of the puzzle — how their assets are titled and who they've named as beneficiaries. Yet these details often determine how smoothly (and privately) your wealth will transfer after your death.
