Oct 062015
 

In this segment of my three part overview of what assets do not pass through probate, I will discuss the second broad category of assets that do not go through the probate process: assets that have a beneficiary designation. Beneficiary Designation: There are some assets that allow you to designate a beneficiary. Those assets commonly include IRAs, insurance policies, retirement plans, and some bank accounts. Generally, when a person dies the assets are paid out to the designated beneficiary without probate. The designated beneficiary simply contacts the institution, provides the required documents, and the institution distributes the assets to the More…