Oftentimes, people think that they have completed their estate plan, but it is essential you take two last steps to ensure your assets are directed in the way you intended—examining your asset titles and beneficiary designations for life insurance and retirement funds. A study suggests that half of the assets passed in America pass by joint titling, beneficiary designations, and trusts. Joint titling and beneficiary designations will take precedence over wills for distributing assets. The Article further discusses the considerations for joint titling and beneficiary designations one must take into account when establishing their estate plan.
See Janet M. Colliton, Colliton: Retitling Assets Can Change the Estate Plan, Daily Local News, May 16, 2016.
