Who Should Inherit Your Wealth?

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One aspect many people avoid when developing and implementing a financial plan is the will. But designating who will inherit your wealth is one of the most important factors when planning finances.

There is no fool-proof path to take when it comes to bequeathing. This is especially true if you want to name multiple children, grandchildren, or charities. A legally binding plan that lays out who inherits your assets is vital. But how do you go about this, and how do you keep your will from being contested?

Rights of Survivorship for Spouse

Usually, married couples own most of their assets jointly. Therefore, if one dies, the ownership of the asset is automatically transferred to the surviving spouse. This is referred to as “jointly with rights of survivorship.”