single folks: Who is your beneficiary?

[Sho'Nuff]

You can not avoid probate court, you can just have everything spelled out in advance.

I'm not a trusts and estates attorney, but I did take the class some 10 years ago in law school and remember some parts of it quite well.

Isn't life insurance with a named beneficiary a non-probate asset, provided the beneficiary is alive? Similar to real property that is jointly owned by a husband and wife as joint tenants with rights of survivorship, or a bank account naming a living beneficiary?

 

[Sho'Nuff]

that costs about $7000

No, it (generally) doesn't. Not everything a lawyer does is expensive.

 

[ichy]

If I die my parents will get all of my stuff. I imagine they'd give some of that money to my sister but that would be up to them.

 

[rasczak]

For your life insurance, etc?

Currently I have my sister as 100%. We agreed she would put it in a trust until lil rudeguy graduates from college. Nothing legal though, so if something happened to her I don't know what would happen.

What is the right way to do this? I bumped up my life insurance this year since lil rudeguy is getting older and I am not getting younger.

Are you sure you can trust your sister to protect what's his? Why not set up a trust to disperse your assets at predetermined age points?

 

[Imp]

Not one person has benefacted (that a word?) Jesus yet?

I am disappoint. You are all going to hell...