Non-Testamentary Transfers

Your Last Will and Testament or Trust will determine who inherit your assets. However, the innocent situation arises in many cases where those other assets-like life insurance, POD accounts, retirement accounts, or jointly owned assets-pass outside and irrespective of your testamentary documents. This can potentially seriously disrupt your estate plan and create several issues such as questions on the payment of estate/inheritance taxes on those transfers, insufficient assets in the estate to pay administration/funeral costs.

Estate planning is more than just drafting and signing a will and trust. It is a comprehensive review of the financial situation and the assets and how those assets are owned. Your planner should guide and assist you with this review. Remember: how those assets are owned will dictate who owns them in the end.


Popular posts from this blog

Iowa Attorney Fees in Probate

Compensation for Executor in Iowa Probate

Time Period to Administer a Probate Estate in Iowa