Tag Archive for titling

Should You Discuss Your Estate Plan With Your Children?

There are pros and cons to whether you do or don’t discuss your estate plan with your children, but in many situations it is better that you do so.

It can be a hard conversation to start.  If you, as parents, initiate the discussion, your children may resist because they don’t want to think about your eventual death. If your children initiate the conversation, you may believe that their primary interest in you is how much they might inherit.

In reality, however, you have a lot more to talk about.  » Read more..

14 Misconceptions Regarding Estate Planning

Mistake #1: A Will controls the distribution of all of the deceased’s possessions. Reality: The Will only controls the distribution of the deceased’s “probate estate”. Not included in the probate estate are jointly held property, transfer on death (T.O.D.) accounts, payable on death (P.O.D.) accounts, and property that passes based on beneficiary designations. For example, life insurance proceeds and retirement benefits pass based on beneficiary designations. » Read more..

Don’t Let Titling and Beneficiary Designation Mistakes Spoil Your Estate Plan

Your best-laid plans for the distribution of your wealth at your death may go badly awry if you stumble with the titling of your assets and/or designation of beneficiaries.

For various types of assets, your beneficiary designations trump any language in your will or trust. Meanwhile, your trust is worthless if there is nothing in it. To make things even more confusing, assets that are “jointly held with right of survivorship” transfer outside your will and trust to the other joint holders of the asset. » Read more..