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Tag Archive for: De Bruin Law

What Are Nonprobate Assets?

December 28, 2016/in Estate Planning

Whether you are planning your estate or you are the executor of someone else’s estate, it is crucial that you understand the difference between probate and nonprobate assets. Nonprobate assets are essentially assets that do not have to go through probate upon the death of the estate owner. This term often confuses people, but it is actually rather simple. These assets are those that immediately transfer at the time of death, and are not an asset of the estate. Common nonprobate assets include:

Life Insurance

If there is a beneficiary listed properly on the life insurance policy, the proceeds will not go through the probate, but will go directly to the beneficiary. Life insurance is a wise decision if you have dependents who rely on your income, because they will receive the money from the policy quicker. However, you must make sure that the beneficiary designations are always accurate, or the proceeds will automatically go to the estate, and will be subject to taxes, creditors, and probate fees.

Retirement Accounts

If you name a beneficiary to your retirement account, they are automatically entitled to the account’s assets at the time of your death. Just like life insurance, however, you must make sure that your beneficiary is accurate, or they face the same dilemma. Be sure to consider your retirement accounts when discussing your assets with your estate planning attorney.

Payable On Death (POD) Accounts

Transferring most of your money to a POD account is a good strategy for ensuring your family receives the funds as soon as possible without being subject to extra fees. However, it is wise to still make sure your estate has some cash to cover funeral costs and other expenses.

Jointly Held Property

If you own property that is jointly held, you can set up your estate so that after your death, the interest is automatically given to the other owner (or owners). This is an advantageous if you have jointly held property with a spouse or one of your children, but it can be tricky with divorces or multiple children, so be sure to consult with a real estate attorney about this issue.

Trust Assets

If your assets are transferred to a trust before your death, it is a nonprobate asset. This is because assets in a trust are controlled by the trust, not the recently deceased, and therefore, do not need probate.

Given the difference between probate and nonprobate assets, it is clear that it is important to regularly estate plan to ensure that after you pass, your family will have access to the funds they need. Keep your affairs in order by regularly updating your will to accommodate any major life changes, including an employment change, a divorce, the birth of a child, the death of a beneficiary, and the purchase of property. When you need an estate planning lawyer in South Carolina, The De Bruin Law Firm has estate planning lawyers who may be able to help. Contact us today.

https://debruinlawfirm.com/wp-content/uploads/2019/11/Image_1-1.jpeg 1025 1538 Bryan De Bruin https://debruinlawfirm.com/wp-content/uploads/2025/04/logo.png Bryan De Bruin2016-12-28 06:37:042019-12-23 13:16:51What Are Nonprobate Assets?

Importance Of Discussing Inheritance With Your Children

September 28, 2016/in Estate Planning

You may not have discussed inheritance with your children yet, but it is an important conversation to have. Most families prefer to avoid conversations about this issue because it requires acknowledging the inevitability of death. However, by discussing these issues now, you can save your children conflict and distress after you have passed. Here are some of the reasons why it’s pertinent for you to have the uncomfortable conversation now.

Minimize Chances Of Will Contest

Communicating the details of your inheritances now will inform your children about your intentions and avoid surprises down the line. If you don’t have the conversation, you run the risk of your child becoming livid and contesting the will after your death. For example, there are cases in which it makes sense to distribute more inheritance to one child than the other for tax reasons. This can create obvious issues if your children don’t have an understanding of your motivations. Ensure that your will distributes your inheritances with minimal conflict by discussing these issues now.

Respect Everyone’s Wishes

Additionally, having these discussions ensures that your decisions respects your wishes as well as your loved ones’. This will help avoid unpleasant surprises after your passing, and ensure that everyone is comfortable. For example, your will also dictates the power of attorney and executor roles. By having this conversation now, you can ensure that whoever you wish to name can take on the role should it be necessary.

Address Any Issues Now

Additionally, when you discuss inheritances and your will with your children, you can determine if there any other issues that may arise that may prevent your assets from being properly distributed. For example, let’s say there is money in a joint bank account shared by a parent and one child. If that money is intended to go to another child, it must be transferred from the joint account into a trust; otherwise, the money automatically goes to the child who is on the joint bank account. Addressing these issues now ensures that your plans go as intended.

Discussing inheritance now will save your children distress in the future. Having a proper will in place will help as well. Without a valid will, your inheritance is at the mercy of South Carolina inheritance laws, which may not match your wishes. If you need an estate planning attorney to help you navigate this process, The De Bruin Law Firm may be able to help you. We have experience in estate planning, and care about ensuring that your wishes are met. Contact us today.

https://debruinlawfirm.com/wp-content/uploads/2019/11/nonprobateassetsblogpic-161104-581d01c80f368.jpg 628 1200 Jenny Reyes https://debruinlawfirm.com/wp-content/uploads/2025/04/logo.png Jenny Reyes2016-09-28 06:35:082019-12-23 13:16:24Importance Of Discussing Inheritance With Your Children

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