That is exactly how we handled my husband’s death and how I am handling my affairs.
I just am putting co-owners on properties, have certain beneficiaries on certain accounts.
Of course if you have a normal family it helps. I know even in normal families certain issues arise but in a dysfunctional family they almost always arise.
And of course, if there are a lot of assets and/or a lot of people, things tend to be more difficult. There is always the option of passing out certain things before you pass away, such as Grandmas’ wedding ring and Grandpa’s gun. If you aren’t actively using stuff and are older, it’s best to pass it around early.
“I just am putting co-owners on properties, have certain beneficiaries on certain accounts.”
Just wondering... Are you able to put co-owners on properties without having IRS consider the value of the properties as gifts?