Summary:

In this podcast episode,  Jenna & Gordon discuss the topic of what assets make up an estate. They discuss assets that pass outside of the estate, such as assets with beneficiary designations or joint holder status. They highlight that it's important to understand what assets are inside and outside of the estate for estate administration purposes.

Jenna & Gordon discuss the importance of understanding beneficiary designations in estate planning. They highlight some common issues that can arise when beneficiary designations are not properly planned. They provide examples and tips for executors and individuals with long-term disabilities or blended families to ensure that beneficiary designations align with their wishes and avoid unintended consequences.

Key Points:

• Assets that make up an estate can include financial assets, real property, digital assets, artwork, genetic material, and more.
• Assets inside the estate can include non-registered accounts in the person's name solely, real property owned solely or as tenants in common, and other assets not passing outside of the estate.
• Understanding what assets are inside and outside of the estate is important for estate administration purposes.
• It's essential to align beneficiary designations with intended wishes and be mindful of potential tax implications and other consequences.
• Litigation, creditor protection objectives, and tax implications should be considered in beneficiary designations.

Hosts:
Jenna Carvalho
The smartest way to choose an executor.
Guardian Estate Company
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Gordon VanderLeek
Give your family a legacy of protection - Wills, Estates and Trusts.
VanderLeek Law
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