What Does It Mean When The Estate Is The Beneficiary?
What does it mean when the estate is the beneficiary?
Many people are surprised when they learn that if a person dies with a will, their estate—any property or assets that they owned at the time of their death—is the beneficiary. So what does this mean? It means that when you're drafting an estate plan, it's important to consider not only your loved ones, but also your assets.
A typical estate plan might look something like this:
· A list of beneficiaries for financial accounts (401Ks, pensions, etc.)
· A beneficiary for a life insurance policy
· A beneficiary for property and assets (a house, car, stocks, etc.)
But what happens if your estate is the beneficiary? Then it might look something like this:
· A list of beneficiaries to take care of any debts you may have left behind
· A beneficiary to hold onto property and assets until a certain time or event occurs
All things considered, you should be able to trust your loved ones to know how to handle your estate after you pass on.
If you have any questions or need an Estate Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
