Death and money are never easy to discuss, particularly when they are tied closely in the same conversation. That being said, facts are facts, and we all have to prepare ourselves and our loved ones for what happens after we pass.
“Yes, your heirs need to know what they will receive — IRA, Roth, brokerage, trust, real estate or business equity,” noted Jason Hester, a managing Partner at Balefire. “But help them understand why you set things up this way and what will be required of them. Ensure they know where the assets are held, how the assets are held, who the advisors are, and what your intentions were behind any protections or restrictions.”