What is the best & least time consuming way to leave all your possessions to 1 person upon your death even though there are family members who think that they should be solely theirs?
Answer
Depending on what assets make up your estate, you can use beneficiary designations or set up a trust or will. Which is most appropriate will depend on your assets and other circumstances. It is best to consult an attorney to avoid fights over your property after you are gone. A good estate planning attorney can explore with you what your goals are in light of what assets you own, and help you achieve the right distribution pattern with the least amount of fighting later.
Answer
The short answer is to create a trust. Your new trust will own your property while you live. As long as you live you will have sole control over your assets. You will also be able to change your trust whenever you want. Upon your death your trust becomes irrevocable - no more changes allowed. The substitute trustee (whom you choose to take over your trust when you die) is required to administer your trust assets as you have already decided.
A will only gives direction to a judge how to dispose of your assets. Wills can and are often revoked after the death of the maker of the will. A trust is very difficult to revoke.
All wills must go to probate - meaning through a court. A trust does not go through a court, but is administered privately by your substitute trustee.
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