Tag: beneficiary designations

6 Important Estate Planning Tools for Unmarried Couples

It is perhaps more important for unmarried couples to have an estate plan in place than it is for married couples.  Unlike married couples, unmarried couples have no right to the probate property of a deceased spouse, including the right to remain in the residence for a duration of time, receive a spousal allowance, receive a vehicle and at least a portion of the estate.  Indeed, your unmarried partner, like any other person who is not your spouse or is otherwise unrelated to you, has no right to your property.  Thus, for an individual to pass on property to his unmarried partner, it is not just … Read the rest

What is Probate Property and Why Do I Need it for My Will to Operate?

Probate property is property that does not have a mechanism to transfer ownership at death.  Examples of mechanisms to transfer ownership at death are beneficiary designations or a transfer on death designation affidavit. 

Examples of probate property are bank accounts without beneficiary designations, automobiles titled in one person’s name, houses titled in one person’s name and without a transfer on death designation affidavit, household items, family heirlooms, etc.

A Will only dictates the transfer of probate property.  A Will has no bearing on non-probate property.… Read the rest