Titling and Beneficiary Review
Traditionally, wills have been the primary tool people use to distribute assets according to their wishes. Wills have some major limitations in that they must go through probate, which is the legal process used to value and settle your estate. You can avoid probate in many cases by simply arranging your assets so the title to those assets is directed by other means.
IRA's, employer retirement plans, annuities, some Government Savings Bonds, and life insurance contracts, allow you to designate beneficiaries for these assets. By designating primary and contingent beneficiaries, ownership is changed at your death by "operation of contract," and do not require a probate proceeding.
There are other types of assets that pass to heirs without the use of probate as well. Non-IRA investment accounts can be registered as TOD - Transfer on Death - directly to an heir. Non-IRA Bank accounts and CD's can be titled POD - Payable on Death - directly to an heir or trust.
It is important to review your beneficiaries and titling of your assets to ensure that your estate is distributed according to your wishes. World Trend Financial can help begin the process of titling and beneficiaries or review an established plan. Please contact Donna Sanders, Vice President of World Trend Financial at (319) 364-2945 or dsanders@tld-inc.com for more information.
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