If you plan to pass assets through a will, just remember that most of the time, that will becomes public once the probate estate is closed. Therefore, if you left one of your children out, left your favorite a bit more or are just a private person, you may be better off with a trust.
Whether planning as the predecessor or the next generation, having the right processes — and partners — in place will set up the transition for success.
We have a situation where both of my in-laws passed away in the last several years. My wife was the daughter and she and her brother are the executors to the last of my in-laws to pass away.
Before the original SECURE Act, IRA owners who died were able to leave their accounts to their children, grandkids, or other non-spouse individual beneficiaries, and heirs could stretch required minimum distributions (RMDs) over their own lifetimes, thus allowing the funds in the accounts to grow tax-free for decades.