Do not fail to plan for "non-probate" assets. Most people do not understand what is a probate asset or what is a non-probate asset. Probate assets are those assets that pass under a person's Will because the asset is only in the name of that person.
Non-probate assets are those assets that pass outside of a person's Will because the distribution is NOT govern by the Will but is governed by another document. As a result of someone's death, money can be distributed from a life insurance policy, from a jointly held bank account or from assets held under a Trust.
Everyone should review their beneficiary designation forms under a life insurance policy or a retirement account to make sure you have "appropriately" named someone. For example, if you name your children and something happens to a child do you want your grandchildren to get that child's share? Your beneficiary designation form should be reviewed to make sure your intent is clear.
Contact us at http://www.ythlaw.com/ for expert estate planning advice.
Non-probate assets are those assets that pass outside of a person's Will because the distribution is NOT govern by the Will but is governed by another document. As a result of someone's death, money can be distributed from a life insurance policy, from a jointly held bank account or from assets held under a Trust.
Everyone should review their beneficiary designation forms under a life insurance policy or a retirement account to make sure you have "appropriately" named someone. For example, if you name your children and something happens to a child do you want your grandchildren to get that child's share? Your beneficiary designation form should be reviewed to make sure your intent is clear.
Contact us at http://www.ythlaw.com/ for expert estate planning advice.
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