Death is not something you wish for. It just happens and most times it is unexpected. You may have the best intentions to leave behind lasting memories and financial resources for your family. Oftentimes we just don’t get around to it before life takes a sudden turn. Sometimes we make assumptions that things will work out. We trust others to handle it.
Be intentional to make provisions for the ones you love.
Insurance policies, bank accounts, and pension accounts will not go to your estate if you have named a beneficiary and the beneficiary survives you. Named beneficiaries and pay-on-death beneficiaries will be legally entitled to receive the insurance funds or account balances without any obligation to pay funeral expenses or share with others. Assets left in a Last Will and Testament or account funds without a beneficiary will generally be left to be disposed of by a legally appointed representative. This person may be selected by you, but they would be appointed by the probate court.
The probate court would have no oversight over assets that fall outside of probate because they do not belong to your estate.
Be mindful as you choose representatives or leave people with the responsibility to care for others and distribute your wealth. Careful estate planning will help to guide the outcome for your loved ones to receive what you intended. Real estate assets, tangible property, and financial resources that do not have a named beneficiary would go to your estate. Through a probate process, a representative will be appointed to follow the last will and testament or if now will and testament, the laws of intestacy. The appointed representative is bound by law. This process provides a hedge of protection for your estate and your loved ones.
Don’t give it over to someone else. Though they may try, no one truly has the same consideration for the people you love, as you do. Make provisions for them, make your last will and testament today.
