Common examples of non-probate property include:
- retirement accounts with completed beneficiary forms;
- life insurance with completed beneficiary forms;
- Pay on death cards associated with bank accounts;
- Transfer on death cards associated with brokerage accounts;
- Trusts; and
- Transfer on Death Deeds for real property.
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When I work with clients it is crucial that we identify what non-probate assets they own, and make sure the beneficiary forms are up-to-date, complete, and recorded properly. More and more, people have a greater percentage of their net worth in non-probate assets. When doing an estate plan, do not neglect the beneficiary forms.
Please remember that a blog post is not legal advice. It is best that you consult with an attorney in your area for advice specific to your situation.