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Article 27
A Will May Not Affect or Distribute All of Your Estate
- Life insurance is not affected unless the beneficiary is listed as the
Estate. Any individual or business beneficiary would receive pursuant to the
beneficiary designation, and the Will has no effect whatsoever on the
distribution.
- Employee benefits of Pension Plans, 401(k)'s, and 403(b)'s are just
like life insurance and the beneficiary filed with the employer or the
custodian who control the distributions on the participant's
death.
- IRA's, both the traditional and the ROTH, will be controlled by the
beneficiary form filed with the custodian of the account. It would be the same
as with life insurance.
- Business interests and real property interests may be controlled with
Buy and Sell Agreements that are handled entirely outside of Probate, and are
not controlled by the Will unless the Buy and Sell Agreement contains some
special requirements.
- Joint property or property held by the entirety is not affected by a
Will. Said property is generally owned exclusively by the surviving
tenant.
Never make an Estate the beneficiary in any document without discussing it with
your tax consultant All of the above properties in some manner are subject to Federal Estate Tax
and State Death Taxes. The Will may control the exact liability of the person,
party or corporation who receives said funds and Federal Statutes may apply to
certain circumstances.
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