Your Estate Plan Covered The House. Not The Golf Cart.

When you set up your estate plan, somebody worked out how the house passes to your kids. Nobody ever asked you about the golf cart. Your vehicles already have titles and they are already in your name, so nothing about them is wrong. That is exactly what makes this easy to miss. Your name is on that title and yours is the only name on it, and the step that says who comes next is a separate step. Your daughter settles the house in an afternoon, because you planned for the house. Then she spends months on the boat, because a boat with only your name on the title is a boat she has to go get permission to sell. There are a few ways to handle it and the right one depends on the item and on the state you live in. Sometimes it goes through your trust. Sometimes you can name a beneficiary right on the title itself, which surprises almost everybody. Walk out to the driveway this weekend and write down everything you own that has a title.