Are there other ways of leaving property to my beneficiaries other than through a will or a trust? | Freilich Law | Michael Freilich | freilichlaw.com | (410) 321-0040
Sure, you can do a life estate in real estate, in which case you remain the life estate, you own it for life, and, on your death, it would go to your children. You’re going to have it with certain powers to sell or, otherwise, not have them. You’re going to have bank accounts in joint names and you’re going to have bank accounts that are transferable on death, you can have stock accounts that are transferable on death. Each one of these decisions affects possibly estate taxes, possibly your ability to qualify for certain types of federal government assistance if you need it. Please contact an estate planning attorney.
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