Bank Accounts

One technique for the transfer of assets is through bank accounts.  You can put your funds in a joint account with another person and upon your death, that person will have the right to the funds in that account.  This is a specialized form of joint ownership.  For tax purposes, all those funds will be regarded as included in your estate, however.

Another method of using a bank account to transfer assets is to establish an account for the benefit of another person.  In the law these are known as Totten Trusts.  For example, an account "Mary Smith for the benefit of "Nancy Jones" can be managed by Mary during her lifetime and the funds would go to Nancy upon Mary's death.  Again, these funds will be included in Mary's estate for estate tax purposes.