If I have beneficiaries listed on all accounts and other assets, do I still need a will?
2007-04-11 08:30:56 · 5 answers · asked by stward101 2 in Business & Finance ➔ Personal Finance
I'll re-ask the question: If I die without a will, do the beneficiaries listed on my assets get the property/money immediately? If not, why not then what use is a beneficiary?
2007-04-11 15:59:00 · update #1
Depends on what type of accounts. Are you talking about real estate as well?
If your total estate is over 100k and you pass away, the government is going to step in a put your estate through probate where it will be taxed and distributed based on the courts' decisions. A Will only defines how you want things handled. It does not execute the transfer of these assets. If all you have is a will, the courts will ultimately decide.
You can avoid probate if your estate is valued over 100k by creating a Living Trust. This is an "entity" very similar to a corporation. You place the accounts into the trust, and if you pass away the trust is immediately owned by the beneficiary.
Living Trusts cost a couple thousand to draft or you can do your own through online legal document centers for a few hundred dollars but these may not outline the full details of your estate in they're general lingo.
There is additional info in the article below.
Good luck!
2007-04-11 09:57:59 · answer #1 · answered by Ethan 3 · 0⤊ 0⤋
My Father died. On a banking account he list one name as the beneficiary but in the will he list another name as having the rights to the account. Who has the legal right to the bank account person one or two.
2015-03-07 16:31:36 · answer #2 · answered by ? 1 · 0⤊ 0⤋
Possibly. For example, what if your beneficiary dies before you, are you satisfied with passing to their heirs, or with the laws of intestacy?
If you are not sure of the effect of such an event in your state, you should at least consult an attorney and pay him for his knowledge.
2007-04-11 08:35:08 · answer #3 · answered by LoneStar 6 · 0⤊ 0⤋
I'd recommend drafting a Living Trust. All a Will is going to do is provide direction. A Living Trust allows for greater legal protection (helps to avoid probate) while you are alive and when you've passed on (e.g. if you become mentally incapacitated, etc. you do not need to go to court).
2007-04-11 08:36:12 · answer #4 · answered by peersignal 3 · 0⤊ 1⤋
I think it's a good idea to draw up a will.
Who get's your car?
2007-04-11 10:06:44 · answer #5 · answered by derek 4 · 0⤊ 0⤋