New PDF release: 8 Ways to Avoid Probate 7th Edition

By Mary Randolph

ISBN-10: 1413308570

ISBN-13: 9781413308570

ISBN-10: 1413308716

ISBN-13: 9781413308716

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They are setting up and keeping an eye on their Individual Retirement Accounts (IRAs) or Keoghs, or contributing to 401(k) plans (or 403(b) plans, for employees of nonprofit organizations or public schools) under programs set up by their employers. 4 trillion for retirement, according to the Investment Company Institute. These accounts offer tax breaks that will let your savings grow quickly, providing retirement income later. And even after your death, they can give more benefits for your family because they avoid probate, too.

42 | 8 Ways to Avoid Probate Naming Your Spouse If, like the great majority of married people, you want to name your husband or wife to inherit your retirement savings, you’re making a good choice. A surviving spouse who is the sole beneficiary has more flexibility about what to do with the money than do other beneficiaries. Unlike other beneficiaries, who must start to withdraw the money in the year after your death (though not necessarily all at once, as discussed below), a surviving spouse, in some cases, can keep all the money tax-deferred at least for a while.

But that doesn’t avoid probate. If you want to name a back-up beneficiary and be sure of avoiding probate, you’ll probably want to use a living trust. ) Depending on state law, however, the bank may be able to release the money directly to your legal heirs—the close relatives who are entitled to inherit from you if you don’t leave a will. In that case, the money won’t have to go through probate. Chapter 1 | Set up Payable-on-Death Accounts | 31 If the money goes to your executor, it will be distributed under the terms of your will, even though you most likely didn’t even mention this account in your will.

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8 Ways to Avoid Probate 7th Edition by Mary Randolph

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