Using Beneficiary Designations Wisely

Probate. Something that surely nobody actually wants to do. And something that most anyone would want to altogether avoid. A simple way to avoid some of that probate pain may be through the use of beneficiary designations.

You can use beneficiary designations on many types of assets such as, life insurance policies, IRA accounts or 401K plans. You might also be able to set up a TOD, transfer on death, or POD, payable on death, on your bank accounts. It may even be possible to establish a beneficiary designation on personal property or real estate, however it is not available in all states.

There are many advantages to using beneficiary designations so explore which types are available to you. Consult with a professional Los Angeles Estate Planning Attorney to make sure you have these and any other estate planning documents in order.

*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.