Beneficiaries, Common Estate, Designated Beneficiaries, Estate Income Taxes, Estate Plan, Guardian, Heirlooms, Living Trust, Personal Property, probate, Residuary Beneficiary, Residuary Clause, Residuary Estate, Will
Although avoiding probate is preferable in common estates, there is still a need to list beneficiaries in your will. As mentioned in the article Tips to Avoid Probate in your Estate Plan, not all states allow designated beneficiaries for certain types of property; therefore, certain types of property must pass through a will to a listed beneficiary. Furthermore, there is the need to plan for your residuary estate regardless of your estate planning strategy. Nevertheless, whether your will serves as a backup will to a living trust or serves as the centerpiece in your estate plan, there are significant reasons to list beneficiaries in your will.