Mary Randolph's 8 Ways to Avoid Probate 7th Edition PDF

By Mary Randolph

ISBN-10: 1413308570

ISBN-13: 9781413308570

ISBN-10: 1413308716

ISBN-13: 9781413308716

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38 | 8 Ways to Avoid Probate Always fill out the beneficiary form! Even if, for example, you’re sure that your spouse would inherit the funds in the account, name your spouse as beneficiary. If you don’t, the funds will have to go through probate on the way to your spouse—a detour that wastes time and money. Choosing who will inherit the funds in your retirement account is, obviously, a very important decision. If you’re single, you’re free to choose whomever you want as the beneficiary. If you’re married, however, the law may restrict your choices significantly.

California is the only state that allows registered domestic partners to own community property. Community Property States Alaska* Nevada Arizona New Mexico California Texas Idaho Washington Louisiana Wisconsin *Only if spouses sign a community property agreement. There are a few exceptions to this rule: Your spouse does not have any right to money you contributed before you were married or money that you alone inherited or were given. And the money you earned is yours to do with as you please if you and your spouse signed a valid agreement to keep all your property separate.

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. Any money left in one of these accounts at your death goes to the beneficiaries you chose—without going through probate. When a beneficiary withdraws the money from a 401(k) plan or traditional IRA after your death, the tax deferral ends; the money is treated as taxable income of the beneficiary.

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8 Ways to Avoid Probate 7th Edition by Mary Randolph

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