Legal Question in Wills and Trusts in Nevada

Re: Beneficiary Forms and Wills

A will needs to go through probate (during which the court legally recognizes the beneficiaries named in the will in order to transfer property). But probate does not apply to everything the decedent owns. Assets like life insurance proceeds and retirement accounts are �non-probate assets� because they have their own beneficiary designations.

In other words, any assets that have no designated beneficiary go through probate in order to determine the beneficiary, while non-probate assets already have designated beneficiaries. While �non-probate assets� can be a handy tool for keeping assets out of the expensive probate process, unintended consequences can arise for those who do not hire an attorney to help them with a will and overall estate planning.

If your father did hire an attorney (did your father's will designate a probate attorney?), then perhaps you should consult with a different attorney on all the facts. Additionally, you should consider this as an opportunity to do your own estate planning in order to ensure these types of problems (and many others) do not occur after you pass away. Few people like to think about death (particularly one's own death), and many people try to do estate planning on their own, but attorney fees paid upfront often pale in comparison to the problems that occur without legal representation.

I provide evening and weekend appointments, and free, no-obligation initial consultations. Whatever your legal needs, my law offices are here to help.

Re: Beneficiary Forms and Wills

Short answer: Life insurance provides benefits directly to the designated beneficiary. It is a payable upon death benefit.

The insurance company agrees with the insured to pay the beneficiary upon the insured's death. So, the benefit is never really in the insured's estate. To be technical about it, the insurance doesn't "override" the will. The insurance is separate and apart from what is transferred from the deceased's estate.

Let me know if you have questions or need to discuss options.

Caleb

Re: Beneficiary Forms and Wills

Yes. There are many ways to avoid probate. Payable on death financial accounts and life insurance beneficiary designations provide for post-death transfer outside of a will and probate.

Re: Beneficiary Forms and Wills

Yes. There are many ways to avoid probate. Payable on death financial accounts and life insurance beneficiary designations provide for post-death transfer outside of a will and probate.

Re: Beneficiary Forms and Wills

As a life insurance policy names beneficiaries and does not become payable until after passing, it does not ever become part of the owner of the policy's estate. Therefore, it does not override a will, it operates outside of it.

If you would like to discuss this matter further in a more private forum, please feel free to contact me directly at the email address provided by LawGuru or through our firm�s website located at PasadenaEstatePlanning.com

IMPORTANT:

No attorney-client nor confidential relationship is created through this communication. You may not rely in any way on this communication, and nothing herein constitutes legal advice nor legal opinion. Your issue may be time-sensitive and may result in a loss of rights if you do not obtain an attorney immediately.