If a will is overlooked, state law and beneficiary designations on financial accounts or property will control what happens next.
How can we avoid probate and reduce the estate tax for our beneficiaries, who are our two adult children?
Payable on death accounts can help streamline the process of transferring certain assets to loved ones, after you pass away.
Properly disinheriting another person is a science, not an art. You should follow formal legal guidelines, instead of assuming what you think is logical will work once your estate is administered.
Beneficiary designations are a crucial part of estate planning, yet they are often overlooked. Once you have signed your estate planning documents, you need to make sure that your beneficiary designations are consistent with the rest of your estate plan.
Maintaining a valid and current estate plan is vitally necessary in order to ensure the efficient and orderly dispersion of assets after a person dies. However, even a small mistake can create huge problems during the settlement process, and in many cases, these errors are impossible for anyone to correct.
Do you want to disinherit your loved ones? Then simply name the wrong person on your beneficiary forms. That sounds too simple, yes, but everyday individuals die leaving their financial assets to the wrong person.
Experts say that creating a plan for what happens to your estate — regardless of how meager or massive your assets — is key for unmarried couples who want their commitment to each other protected in the event of death.