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Coordinating Non-Probate Assets: Part I
A "non-probate" asset is an asset that is controlled by a beneficiary designation, such as life insurance, retirement accounts, and some bank/investment accounts. Non-probate assets are not controlled by the Will, therefore, it is important that one carefully considers how they set up such beneficiary designations so that their overall plan of action is not negated. Below are some examples of some possible beneficiary designations:
Person: You may name an individual or several individuals.
Trust: You can name a trust created through your Will, such as for a partner or a child.
Estate: You can name your estate, which will then follow through your Will. There are several pitfalls, however, with naming your "estate" as beneficiary and such designation should only be made with proper advice.
It is extremely important to coordinate the beneficiaries of all these properties to make certain your assets will be distributed as you want when you pass away. If you are unsure if your beneficiary information has been updated properly, then give our office a call! |
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