Tags
Annuities, Beneficiaries, decedent, Estate Assets, Estate Expenses, Estate Plan, Estate Property, Executor, Indebted Estate, Inherit, Life Insurance, Primary Beneficiary, probate, Probate Avoidance Strategy, Probate Court, Retirement Plans, Secondary Beneficiary, Will
When developing your estate plan, list your beneficiaries wisely. In some common estates, overlooking the fact that a beneficiary listed on an asset supersedes a beneficiary listed in a will causes problems with beneficiaries and what they inherit. Because assets with a designated beneficiary goes to the beneficiary, the property is not part of the estate. Conversely, if a beneficiary is to receive property through the will, the property must go through probate. Moreover, if the executor sold estate assets to cover expenses, the beneficiary receives a reduced amount or nothing at all. So, to avoid problems with beneficiaries, list your beneficiaries wisely.