Revocable Beneficiary

"When I die, you, my favorite niece, my beneficiary, get my yacht...but only if you aren't convicted of a felony first." The benefit of that yacht is revocable if they, you know, have her on camera dealing all 12 kilos.

Why does it being revocable even matter? Well, having it revocable means that it's taxable as a normal estate transfer rate...like, 40% or so, these days. Make it irrevocable, and you can take advantage of all kinds of things along the way, avoiding the full bite of The Taxman.