Planning such procedures in advance is only wise and prudent, as when a death occurs, things can get out of hand very quickly, if measures are not taken to have an orderly and efficient transfer.
There can be state and Federal income taxes to be paid, state and Federal estate taxes to be paid, administrative costs, and numerous legal entanglements that can be a problem if they are not planned for in advance.
The drafting of a proper will and a trust is a good measure in many cases, as this will give specific instructions to a probate court as to what your wishes are as far as the distribution of certain assets.
Having definite instructions through a legal will and trust will eliminate any squabbling that might occur at the time of your death between relatives and others.
By having an orderly and efficient set of plans for the distribution of personal and business assets is preferred over a helter-skelter transfer that can occur if there are no wills, trusts or instructions when a person dies.
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