If you have a will or trust, you determine before your death to whom your assets will be distributed, and in what proportions. This gives the owner the power to determine who receives their assets, and in what amount. But what happens when you don’t have a will or trust when you die?
Financial strategies are tools of preparedness. Investments allow your money to grow over time. Retirement accounts set aside money for later years when you no longer earn an income. In the simplest terms, these are about preparing for a time when you will need money. So it only makes sense to prepare for a time when you are no longer living, yet your assets continue on.