In its simplest terms it means an asset that is not directed to a beneficiary by the probate process. For example, if you have named a beneficiary to a life insurance policy then your beneficiary designation you filed with the insurance company will control who get the proceeds –not your will or state law if there is no will. The same is true of a IRA or annuity beneficiary designation. You may have set up a bank account or a brokerage account with a pay on death beneficiary named. In some situations that may work well but in other family situations it would not be a good idea. Someone may not be capable of handling the money without some guidance. You need the advice of an experienced attorney!
William Wombacher, your Central Illinois Certified Elder Law Attorney (CELA) and Social Security Disability Specialist. I’ll help you! Call me at 309-674-8125, visit at www.wombacherlaw.com Serving Peoria, East Peoria, Peoria Heights, Pekin, Dunlap, Chillicothe, Morton, Washington, Metamora, Canton, Galesburg, Lacon, Henry, Bloomington, Normal and surrounding cities and counties of Peoria, Tazewell, Woodford, Fulton and Knox Counties in Central Illinois.