Explain and propose planning for passing wealth on at death by will and by inheritance

Assets pass by will, by intestacy rules when there is no valid will, or outside the will through joint ownership with survivorship, beneficiary designations and trusts. Probate can be slow, costly and public, which is one reason trusts and direct designations are used. Some legal systems allow broad testamentary freedom; others impose forced heirship or community-property rules that reserve shares for spouses or children. Transfer taxes may be levied on the estate or on the recipient, and assets in several countries raise conflicts over which law and which tax apply. Planning also provides liquidity for taxes and debts, often via life insurance. The trap is assuming the will controls everything when designations, ownership form or forced heirship override it.