Long before retirement, people should consult attorneys or life insurance/financial services advisers to coordinate their retirement plans with estate distribution goals and other objectives. After retirement, people may enter a new phase of estate planning based on current and projected personal and financial situations.
No matter which is the last spouse to die, maintaining a surviving spouse's lifestyle and providing for other heirs are part of a well-organized retirement/estate plan for most Americans. Many strategies are available to maintain family income, maximize what we pass along, and assure equitable distribution of our assets.
Estate transfer is considered more of a privilege than a right. The privilege can be exercised only by following specific legal procedures designed to protect the rights of the heirs and anyone else with a legitimate claim against the estate. As noted, any property transferred through a will is subject to probate. It cannot be distributed to the heirs until the process is complete and all claims against the estate are paid. For this reason, avoiding probate is a very popular estate planning objective.