Beneficiary Designations
Did you know?
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Having a valid will in place isn’t enough
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Assets you pass on outside of your will are called non-probate assets, and typically include IRAs, 401(k)s, pensions, payable-on-death bank and brokerage accounts, and life insurance policies.
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If beneficiaries are not properly set for these non-probate assets, the consequences can be stressful and expensive.
Thanks to EcoWill, you can easily plan beneficiaries for your non-probate assets in one place.
What are non-probate assets?
Non-probate assets are assets that are passed onto beneficiaries other than through a will. Examples include IRAs, 401(k)s, pensions, certain bank and brokerage accounts, and life insurance policies.
Non-probate assets can make up a significant portion of your total property.
What are beneficiaries?
In the estate planning context, beneficiaries are the people and organizations that receive property when its owner passes away.
For non-probate assets, beneficiaries generally must be named using a particular form that is specific to each asset.
Why set beneficiaries?
The distribution of your non-probate assets is not controlled by your will. To ensure that those assets go to the people and organizations you love, you must be sure to properly name your beneficiaries, and update them over time.
Most Americans have not properly designated beneficiaries for one or more of their non-probate assets. If neglected, the consequences can be both serious and expensive.
How does EcoWill help?
The average middle-aged adult has over 5 major non-probate assets. Because these assets are often held across different institutions, it can be difficult to keep track of everything.
EcoWill helps you organize all your non-probate assets in one place, so you can plan your beneficiary designations easily. We also provide easy-to-follow instructions on how to update your institutions.