Welcome back, I’m Greg Ashcraft and I’m an attorney with the Ashcraft Firm and I practice primarily in estate planning and this is the second of a four-week course. I am going to be talking to you about the four ways that you can pass property at the time of death.
Last week we talked about passing property through your estate. we talked about some of the pros of that method: it is really easy to set up, you don’t have to do anything. If you think your estate will need court oversight passing property through your estate might be the way to go. But there are a lot of downsides, and those are mostly associated with the fact that it is overseen by the court. It is costly, it is time-consuming and you lose some control over your property. There are a lot of reasons to avoid passing property through your estate. Any of the other three ways that we will be talking about will avoid passing property through your estate.
This week we will be talking about passing property by contract. So, what do we really mean when we say passing property by contract? We are really talking about passing property through a beneficiary designation, a contract between you and the custodian of that account. Also, you can use a transfer on death designation or a payable on death designation. These are all contracts that you are entering into with the custodian of that financial account. That is what we are talking about when we say passing property by contract.
There are some cons associated with this.
To recap, the pros are that creating contracts with your financial institutions can
but the downside is that you
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Nothing said in this post should be misconstrued as legal advice. The information is situational. You should seek legal counsel as to whether the strategies and consequences apply in your situation. Also, the very basic information given here is based on California law and may not apply in other states.