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While a Will is an essential part of any estate plan, there are some additional ways in which you may supplement your will by transferring assets directly to your beneficiaries. Assets that are eligible to be transferred directly include:

• Life insurance proceeds.
• Retirement plans, including 401(k) plans and IRAs.
• Trustee accounts such as those created by a revocable living trust.
• Transfer on death (or TOD) securities accounts.
• Pay on death (or POD) assets, a common title on U.S. savings bonds.

There can be significant financial and tax benefits for your beneficiaries when these designations are used. Each option must be carefully coordinated with your overall estate plan.

To learn more about New York elder law, New York Estate Planning, contact us.