When most people think about estate planning, they picture sitting down with an attorney to draft a will or powers of attorney. Those documents are essential, but they’re not the only way—much less the fastest or most efficient way—to make sure your assets end up in the right hands.
One of the simplest, most powerful estate planning tools is how your accounts and property are titled and who you’ve named as beneficiaries. These decisions often bypass the probate process entirely, meaning your loved ones can receive assets more quickly and with less expense.
Take a brokerage account, for example. Hanover’s custodial partner allows you to add a Transfer on Death (TOD) designation. When you pass away, the account transfers directly to your named beneficiary with no court involvement. Similarly, bank accounts may offer Payable on Death (POD) titling.
Retirement accounts like IRAs and 401(k)s work the same way. Your beneficiary designation form—not your will—controls who inherits those assets. If the form is outdated or incomplete, the wrong person could receive the account, or it could end up in your estate, creating unnecessary taxes and delays.
This makes regular beneficiary reviews critical. Life changes, like a marriage, divorce, birth, or death, won’t automatically update your designations. Checking them every year or after any major life event is one of the easiest estate planning habits you can adopt.
Joint ownership is another example. If you own real estate with rights of survivorship, your share automatically passes to the other owner at your death. This can be useful, but it’s not always the right move, especially if you want your portion to go to someone else, so it’s worth discussing with a financial or legal professional.
The bottom line: while wills, trusts, and other legal documents have their place, some of the most effective estate planning steps involve simply filling out the right forms and making sure they’re up to date. It’s quick, it’s inexpensive, and it can spare your loved ones from a lot of stress later.