Special thanks to Ben, Brett and Brodie at Knox Capital Group for their input on this diagram and insurance matters.
You can’t take it with you. But you can make gifts at your passing. And for that, there are four basic legal processes. Each asset will wind up in one of these four boxes. For example, you might leave a home to go through probate, and a life insurance policy to go through contract forms. A good estate plan will have documents that address what happens to all of your assets — no matter what box they come through — for a coordinated approach.