What are Beneficiary Designations?

Beneficiary designations allow for the transfer of certain assets upon death without going through the probate process. Non-probate transfer laws vary by state, with life insurance death benefits and bank accounts often being cited as typical instances.

You can bypass the need for probate when transferring certain assets upon your death by utilizing beneficiary designations. Non-probate transfer laws, which differ across states, determine which assets can be transferred without probate. Life insurance death benefits and bank accounts are some typical illustrations.