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The post What Does a Revocable Beneficiary Mean for Estate Planning? appeared first on SmartReads by SmartAsset. When creating an estate plan, one of the most important decisions is choosing ...
A revocable beneficiary is someone who is designated to receive your death benefit when you die but who can also be removed as a beneficiary by you at any time and for any reason.
A beneficiary is someone who receives a financial asset that was once owned by someone else. Choosing beneficiaries helps ensure that your assets go to the right people once you pass on. It’s a ...
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
“Generally speaking, if there is a beneficiary designation on a bank account, this overrides the estate plan, including the last will and testament and/or revocable living trust.” ...
In many instances where a revocable living trust is involved, one person can serve as grantor, trustee and beneficiary simultaneously until they die. In many other instances, especially after the death of the initial grantor, there will be different persons named to be trustee(s) or beneficiary(ies).
Life insurance proceeds are generally included in the gross estate if the benefits are payable to the estate, or if the decedent was the owner of the life insurance policy or had any "incidents of ownership" over the life insurance policy (such as the power to change the beneficiary designation).
For instance, you can buy a house or set up a savings account without … Continue reading → The post Differences of Beneficiary Designations vs. Wills appeared first on SmartAsset Blog.