All of us struggle with thinking and planning for our own deaths, and while this is something that all of us should do, very few people pay attention to this issue. A mere 46% of Americans have a will. This number is far too low and can lead to huge headaches for your survivors. Thankfully, there are many places to potentially put your money upon your death. Here’s a look at five options.

Give the Money to Family

Perhaps the most common thing to do with money upon death is to ensure that your family receives a healthy inheritance. This can be relatively simple. All you have to do is determine who gets what percentage of your estate, and plan accordingly. Appropriate planning is critical here if you are looking to avoid taxes and ensure that the right percentages go to the right people.

Charitable Donations

Giving money to a charity of your choice can be a fantastic way of ensuring that your legacy lives on. Depending on the amount and where you live, it can also be very beneficial to the tax implications for your estate.

Trust Fund

Setting up a trust fund is ideal for minors or young adults who may benefit from life insurance or inheritance, but not be intellectually or emotionally prepared to deal with a massive influx of cash. A properly designed trust fund can ensure that adults gain money upon reaching certain life events or getting older.

Direct Investments

You may be able to pay for something upon your death, such as college tuition or certain brokerage accounts. Doing so can ensure that an heir can get the profit of your money, but in a manner in which you choose to deliver that benefit. This can be ideal for younger children.

Payable on Death Accounts

A Payable on Death account is an account that allows for someone to collect or access money upon the death of the holder of that account. It is very useful for people who want to give money to someone but are looking to avoid paying estate taxes.

As you can see, there are many options for what you can do with your estate. Whatever you decide, it is vital that you create the right documents that will match your plans. As such, make sure to reach out to a personal injury lawyer or an estate planning professional that can help you make plans for your death and ensure that your wishes are carried out.

Author information: Lizzie Weakley is a freelance writer from Columbus, Ohio. In her free time, she enjoys the outdoors and walks in the park with her husky, Snowball.