Name Beneficiaries to Avoid Probate

12:48 pm Uncategorized

Check off box1 150x150 Name Beneficiaries to Avoid ProbateIf you’re like most people, you are probably the owner of at least a few of these financial instruments:  bank accounts, stocks, real property, life insurance, retirement accounts, IRAs, 401(k)s and more.  For most,  it’s almost impossible to know what has to go through probate and what doesn’t.

Life insurance and retirement benefits do not have to go through probate if the account has a named beneficiary. Benefits from life insurance accounts can be paid directly to the named beneficiary, and money from IRAs, Keoghs, and 401(k) accounts transfer automatically to the named beneficiaries of those accounts as well. The persons named as beneficiary, however, will most likely want to consult with a financial advisor to determine what needs to be done with the proceeds from these accounts.

Yet another type of account that is not subject to probate is a pay on death (or POD) account, the money from which can pass directly to the named beneficiary upon the death of the owner.

Probate laws vary from state to state, so contact our Orange County probate law firm for more information.

Let our Costa Mesa law offices help you get started by contacting us today.

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