Many individuals in Florida, along with their estate planning documents, choose to procure life insurance policies to protect their loved ones in the event of their passing. When filling out a life insurance policy, an insured names a beneficiary to receive the life insurance benefits/proceeds. As the designation of the life insurance falls outside the Last Will & Testament, this asset does not need to be listed in the Last Will and Testament and opening a probate estate for this asset is not necessary.
What exactly does falling “outside” the Last Will and Testament mean? It means that the asset does not necessarily need to be listed in the Last Will and Testament and that the asset is not part of the probate estate.
In Florida, numerous assets are listed as passing outside the Last Will and Testament including, but not limited to, property that you own as joint tenants with right of survivorship, proceeds from pension plans, retirement plans and IRA’s and bank accounts where a transfer on death (TOD) is listed. When thinking of your estate planning, it is important to realize the differences as well as benefits of these assets passing outside the Last Will and Testament.
If you’re an individual seeking Estate Planning documents in Palm Beach County or you need assistance with a Last Will and Testament, call your Estate Planning Attorneys today at The Law Office of Ryan S. Shipp, PLLC. Our experienced Estate Planning Attorneys are here to assist with all of your Estate Planning needs. Call us today @ (561) 699-0399 to see how we can assist. Our office is located in Lantana, Florida. We serve South Florida.
