Non-probate assets, like retirement accounts and life insurance, must coordinate with the rest of your estate plan.

Not all assets are controlled by the terms of a will, revocable living trust, or community property agreement. For example, 401(k)’s, IRAs, life insurance, and annuities all require the accountholder to designate a beneficiary to receive them when they die. These assets are considered “non-probate assets” because when you die, they automatically belong to the named beneficiary without any probate or other court action.

Most of our clients have multiple non-probate assets, and they often represent a significant percentage of an individual’s wealth. Therefore, it is critical to ensure that your beneficiary designations coordinate with your other estate planning documents. If they do not, a large portion of your assets may not follow the plan you so carefully constructed, and your estate may face unexpected tax liability.

We can help you inventory your non-probate assets and ensure that your beneficiary designations match your estate planning objectives and avoids unnecessary taxation.

Contact us to schedule a consult with an experienced estate planning attorney.