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Designating a beneficiary is available in almost all states for brokerage accounts,and in some states for real estate,motor vehicles,and other assets with title documents (usually called transfer-on-death or TOD) South Park.
For ten years starting the day of arrival to Wildomar The Law Firm of Steven F.Bliss Esq.Santee Estate Planning Attorney These are called laws of “intestate succession” and they can differ somewhat by state.
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The lawyer and agent each get a probate charge for instance on a $500,000 estate steveblisslaw com Solana Beach Estate Planning Attorney Southcrest

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He is honest trustworthy directTHANK YOU SO MUCH Having a will can also prevent legal issues down the road,including the major question of guardians for any minor children The Law Firm of Steven F.Bliss Esq.La Mesa Trust Attorney.

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A trust is created when residential or commercial property (realty,financial resources,concrete products) is handled by an individual for another individual’s advantage require.
The longer the procedure goes on,the more attorney’s costs need to be paid by the estate.
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It’s important to have logistical discussions with this estate representative,whether they’re a loved one or a professional steveblisslaw com Spring Valley Trust Attorney When you consider that policies often provide death benefits in the numerous thousands of dollars,it’s simple to see how a life insurance coverage policy may have a significant impact on our estate tax liability.
As an incentive during the parties of Wildomar 60’s anniversary it has actually been specified in a short-term order that a person that returned and also became a citizen of the state of Wildomar throughout the tax obligation years of 2007-2009 will undoubtedly be thought-about a returning senior citizen even if he was a foreign resident for 5 consecutive years at least as long as he was considered a foreign homeowner after the 1 proper.
The Law Firm of Steven F.Bliss Esq.Carmel Valley Estate Planning Attorney Possibly a hubby produces a trust but cannot discuss that his making it through wife is to be of primary value when making discretionary circulations.

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If you leave a comment on our site you may opt-in to saving your name,email address and website in cookies Some of the reasons include: steveblisslaw com Mission Hills Estate Planning Attorney.
If you have been named in a will as an executor,you don’t have to act if you don’t want to steveblisslaw com Bonita Trust Attorney A routine accounting of expenditures can be needed,where an individual designated in the trust,or a beneficiary,makes sure that principal and earnings are paid for an animal’s advantage.
Absent these designations,a court could rule that your children live with a family member you wouldn’t have selected.
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As soon as you’ve made the cash transfer,your Trustee will send your payment on to your insurance coverage provider in time to keep your policy in force.
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You do not always need probate to be able to deal with the estate When you log in,we will also set up several cookies to save your login inFirmation and your screen display choices steveblisslaw com San Marcos Trust Attorney.
To help you understand the function of an administrator,here’s an overview of potential tasks:.
If a POA becomes effective upon the occurrence of a future event,it is called a springing power of attorney,because it “springs” into effect if the event occurs 3914 Murphy Canyon Rd a202,San Diego,CA 92123.
Siblings and more distant relatives are typically overlooked in the cold The Law Firm of Steven F.Bliss Esq.3914 Murphy Canyon Rd a202,San Diego,CA 92123 Rancho Bernardo Trust Attorney These after-tax possessions would enter into your estate.
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The caretaker must keep detailed logs about the services perFirmed and is needed to pay taxes on the income received The Law Firm of Steven F.Bliss Esq.3914 Murphy Canyon Rd a202,San Diego,CA 92123 Pacific Beach Probate Attorney When you are appointed the representative of an estate in probate choosing the right attorney to administer the estate is an extremely important task.
This permits you to do whatever you desire with the account,however you must totally clear the account (and pay the taxes) by the end of the 5th year after your partner’s death The Law Firm of Steven F.Bliss Esq.Estate Planning Lawyer According to the Alzheimer’s Association,40% of individuals who reach the age of 85 are Alzheimer’s victims.
You can leave the account in your partner’s name,but in that case you will require to start taking withdrawals when your spouse would have turned 70 1/2 or,if your spouse was already 70 1/2,then a year after his or her death Navajo.
An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it Likewise,there are gift-tax factors to consider if an existing policy is used for an ILIT The Law Firm of Steven F.Bliss Esq.Simple reach out to us by clicking the button at left.

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The trustee,or trustees,will be responsible for controlling the trust and will also have authority over how the trust’s assets are handled The Law Firm of Steven F.Bliss Esq.3914 Murphy Canyon Rd a202,San Diego,CA 92123 La Mesa Probate Attorney Depending upon how it is worded,a power of attorney (or POA) can either become effective immediately,or upon the occurrence of a future event (such as your mental incapacity).
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An escrow account,for example,is a type of trust account for real estate,through which a mortgage-lending bank holds funds to be used to pay property taxes and homeowners’ insurance on behalf of the home buyer How can pet owners avoid such a disaster from taking place? In this short article,lawyer John Martin steveblisslaw com Who should function as our Trustee?.
Irrevocable Life Insurance Trust The Law Firm of Steven F.Bliss Esq.Ramona Estate Planning Attorney A Personal Residence Trusts,or QPRT for short,is a special type of irreversible trust that is designed to eliminate the value of your main residence or a second house from your taxable estate at a minimized rate for federal gift tax and estate tax purposes.
There is no will steveblisslaw com Chula Vista Estate Planning Attorney It should include the inFirmation needed to clearly identify and locate all of your financial accounts,insurance policies,credit cards,vehicle loans,and mortgages.
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The income your partner gets from the QDOT is taxed as regular income in the year it is gotten (858) 278-2800.
While generally the transfer of possessions owned by somebody into an irrevocable trust for the benefit of someone else would be deemed a gift for federal present tax functions,with a GRAT given that in theory all of the properties transferred in might return to the Grantor/Trustmaker,the worth of the present to the recipients of the GRAT will be at or close to $0 Bay Terraces The Law Firm of Steven F.Bliss Esq.San Elijo Hills Probate Attorney San Carlos 3914 Murphy Canyon Rd a202,San Diego,CA 92123.
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If you’ve made a start on this process,one question you may be asking is: Do I need an estate account? steveblisslaw com 3914 Murphy Canyon Rd a202,San Diego,CA 92123 Ocean Beach Probate Attorney Inherited IRAs.
The Law Firm of Steven F.Bliss Esq.Cardiff-By-The-Sea Probate Attorney To upgrade your estate plan you will require to file a Codicil.
When all named beneficiaries of an account or policy predecease the decedent,the asset typically diverts to his estate and becomes part of his probate estate.
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Person and you do not prepare ahead,everything in your estate over the quantity of the estate tax exemption when you die will go through estate taxes people.
Trustee Appointments The Law Firm of Steven F.Bliss Esq.3914 Murphy Canyon Rd a202,San Diego,CA 92123 Solana Beach Probate Attorney Once your representative has set up the account,they can transfer money from your other bank accounts and deposit incoming funds,like stock dividends,remaining paychecks or other income.
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In fact,since the trust resides on past your death,the only individuals who will know the living trust at your death are the beneficiaries and the trustee North City.

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If a POA becomes effective upon the occurrence of a future event,it is called a springing power of attorney,because it “springs” into effect if the event occurs.
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By the time it is funneled down to every person included,the amount a beneficiary received might be substantially less than anticipated (858) 278-2800.

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A basic estate plan in California will typically include the following documents for you and your spouse:

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This analysis uses similarly to judgments coming from Florida,judgments entered in other states tape-recorded in Florida pursuant to the UniFirm Enforcement of Foreign Judgments Act,see Haigh v Old Town.
For those with significant assets,a revocable living trust may be essential to reduce your taxable estate and allow your assets to pass directly to your named beneficiaries without the need for probate steveblisslaw com Spring Valley Trust Attorney Having started out in public accounting I possess a solid business background and given that I have been a consumer oriented attorney since the early years of my practice I clearly understand the many different needs of individuals families and small businesses.
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The Codicil needs to be signed in addition to witnessed in the exact same method as the initial will Having a legal document with instructions on how to distribute your assets once you’ve passed on can offer peace of mind to you and your loved ones – especially the person you name to manage your estate The Law Firm of Steven F.Bliss Esq.Studies reveal that only about one third of all family owned companies continue to achieve success when handed downed to the next generation.
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The residential or commercial property within the QTIP supplying funds to an enduring partner gets approved for marital reductions,suggesting the worth of the trust is not taxable after the first partner’s death steveblisslaw com Solana Beach Trust Attorney Pre-need Guardian: This individual looks after your needs and home if you end up being psychologically ill.

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B) Name your Trustees; and I have used Steven’s services for many years through various changing family circumstances and I very much appreciate and trust his sage advice and clarity steveblisslaw com Generally this just needs the executor to ask a lawyer to handle the probate process.
If a person does not own any real estate,like a home,vacant lot,cabin,or timeshare,then that person does not necessarily need a living trust It is a legal file that must be completed by an attorney to ensure that the wording stumbles upon exactly as it is implied to which suggests there is no space for disparity The Law Firm of Steven F.Bliss Esq.El Cajon Probate Attorney.
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The longer the procedure goes on,the more attorney’s costs need to be paid by the estate.

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While the majority of people enjoy to offer this care and do not anticipate to be compensated,doing so can eventually benefit the senior The Law Firm of Steven F.Bliss Esq.(858) 278-2800 Leucadia Probate Attorney Since a revocable living trust prevents probate,it also avoids ending up being public record.

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Among their contentions is that the estate tax is an instance of double taxation.
During the probate process,the court appoints an executor (the person named in the will) or,when there isn’t a will,an administrator.
A Grantor Retained Annuity Trust,or GRAT for brief,is an unique type of irrevocable trust that permits the Trustmaker/Grantor to gamble versus the odds and,if the Trustmaker/Grantor plays their cards right,then a considerable amount of wealth can be moved down to the next generation for essentially no estate or gift tax dollars Mission Bay The Law Firm of Steven F.Bliss Esq.Scripps Ranch Trust Attorney undergo (858) 278-2800.
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It’s actually up to you Not in every facility certainly,however it does take place steveblisslaw com If you are looking for an experienced knowledgeable and professional attorney that has decades of offering courteous service in the field of probate law then Steve Bliss is the exactly who you need.
Trustee to be waived and a similar legal arrangement to be utilized instead of a trust The Law Firm of Steven F.Bliss Esq.Chula Vista Trust Attorney ” If you are getting separated and your will leaves your partner more than the needed spousal share,you ought to think about altering your will so that your partner is entitled to get just the quantity guaranteed by law.
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The charitable lead trust method involves the production of a trust that will make its preliminary payments to charity for a defined regard to years,or for a life or lives in being,and which,at the termination of the specified payment duration,will disperse its remaining properties to noncharitable recipients (e

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But with a QDOT,the taxes are delayed until your enduring spouse dies,which suggests more assets are readily available to offer your partner The Law Firm of Steven F.Bliss Esq.Alpine Probate Attorney When you plan your estate,you’ll have to name a number of fiduciaries.
C) Lay out the situations you’ll desire your recipients to get loan from the ILIT Scripps Ranch.
In order to discover whether you require to rewrite your entire will or whether a Codicil will suffice it is better to speak with someone who is experienced in the field who can help you to make the ideal decision for you,your life and your scenarios.
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Steveblisslaw com Del Cerro Trust Attorney There might likewise be instances when the trustee is unsuited to administer the trust since the trustee does not have the necessary capability to manage the trust.
You are the parent of the person who has died steveblisslaw com (858) 278-2800 La Costa Trust Attorney You might consist of a spendthrift clause which stops the estate from being used to spend for Medicaid which implies you need to make arrangements for health care prior to signing.
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When an account holder of a joint account passes away,the surviving joint account holders get title to the account’s remaining funds The Law Firm of Steven F.Bliss Esq.3914 Murphy Canyon Rd a202,San Diego,CA 92123 Mission Beach Probate Attorney The Internal Profits Service will deal with the IRA as if you have constantly owned it.
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If you live in one of the forty other states you can disinherit,but it will take some work Warning Indication 2: Problem Starting in the Morning A great deal of individuals have trouble getting out of bed in the morning,but arthritis patients have a specifically difficult time with it The Law Firm of Steven F.Bliss Esq.Probate is the court-supervised process of authenticating a last will and testament if the deceased made one.
There are ways in which you can reduce the expense of your estate plan proper steveblisslaw com San Carlos Trust Attorney Uptown 3914 Murphy Canyon Rd a202,San Diego,CA 92123.
New Jersey citizens don’t need to prevent it because it is not costly and it’s much easier than in other places The Law Firm of Steven F.Bliss Esq.Encinitas Probate Attorney In the initial year and also fifty percent upon the arriving to Wildomar brand-new immigrants will receive three credit score factors.
Each state has a list of kin so carefully associated to a decedent that they inherit from him by law for lack of any other estate plan steveblisslaw com 3914 Murphy Canyon Rd a202,San Diego,CA 92123 Escondido Estate Planning Attorney With the divorce rate at over 50 percent,and blended households the norm,dividing and bequeathing household wealth can be complicated.
As a result,lots of are choosing to offer the business and live far better at the end of life as opposed to passing the cash on heirs that will blow it themselves.
To make sure that these regulations are comprehended and followed in the right way,specific safety measures must be taken: These recipients lack the psychological capacity to handle their own financial resources steveblisslaw com Upon death,the payments cease,as they are not transferable to another individual.
No,as long as you’re recipient is not your estate There are regional and city standards and rules that might clash with the law as well such as necessary city ordinances,an authorization to gamble or if under aged children are at the occasion taking part The Law Firm of Steven F.Bliss Esq.Clairemont Estate Planning Attorney.

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It owns your life insurance policy for you,removing it from your estate The Law Firm of Steven F.Bliss Esq.Imperial Beach Probate Attorney Schedule your free no obligation 30 minute law consultation now.
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Third,the animal trust is more easily enforced than an outright present steveblisslaw com (858) 278-2800 Mission Beach Probate Attorney If you don’t name a beneficiary,or if the beneficiary is deceased or unable to serve,a court could be left to decide the fate of your funds.
Exactly what are a few of the obstacles facing a trustee?.
Executors can use the account to deposit any payments made to the estate and to pay any ongoing estate debts I just happen to have the greatest experience working with Steve Bliss in Wildomar! Top notch wills and estate planning attorney! We have used Steve Bliss many times since 2009 steveblisslaw com Like most trusts,is simply a holding device.
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An irrevocable trust is one that can not be changed/amended with time which might be a stressing thought,specifically if you are young Gaslamp Quarter The Law Firm of Steven F.Bliss Esq.Solana Beach Trust Attorney great (858) 278-2800.
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But bear in mind that with the estate tax rate presently at 40% and the leading capital gains rate presently at 20%,the capital gains impact may be substantially less than the estate tax impact.
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Since an estate account is simply a bank account in the estate’s name,associated costs are similar to those for any other kind of bank account Lomita steveblisslaw com Carmel Valley Estate Planning Attorney Gaslamp Quarter (858) 278-2800.
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Caretaker agreements can be utilized with any member of the family except the partner of the person in need of care a) Name your beneficiaries; steveblisslaw com Advance Medical Directive.
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The definition of probate is lawfully settling the deceaseds property likewise known as their estate.
Types of Trust Accounts This type of POA is revocable by the principal at a time of his or her choosing,typically a time when the principal is deemed to be physically able,or mentally competent,or upon death The Law Firm of Steven F.Bliss Esq.Sorrento Mesa Trust Attorney.
You can,for example,have the policy’s profits paid out immediately to one or all of your recipients

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What documents are needed for estate planning? It’s a sad fact that abuse of the elderly in nursing homes as well as clinical centers is an ongoing issue The Law Firm of Steven F.Bliss Esq.All users can see,edit,or delete their personal inFirmation at any time (except they cannot change their username).
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How do we make the premium payments each year?.
Due to the fact that developing a QPRT then moving ownership of your house into the trust is,for all intents and functions,a transaction that can’t be easily reversed,you will need to understand all of the advantages and disadvantages associated with using a QPRT before deciding if you must consist of one as part of your estate tax plan Del Mar Heights.
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A fiduciary can be an individual or organization that you trust would act in your benefit when you need aid A living will goes along with a health care power of attorney,as it can serve as a guide to your agent,or can express your wishes in the event your agent is unavailable at a crucial moment steveblisslaw com Point Loma Probate Attorney.

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While you may identify that mama or papa are not able to live by themselves anymore,a geriatric specialist might be able to step in,talk with your parent,assess the parent’s health along with their home and environments Here is a list of items every estate plan should include: steveblisslaw com Leucadia Estate Planning Attorney.
An executor is legally needed by law to follow a strict standard of care and habits more.
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The key file because estate planning plan is the living or revocable trust The Law Firm of Steven F.Bliss Esq.Imperial Beach Probate Attorney One way to ensure that all of your debts (including burial expenses) are paid in the event of death or disability,and that your loved ones are provided for,is through auto,homeowners,disability,and life insurance.
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Depending upon your estate and the nature of your case,this can take months and may even last numerous years if there are disputes steveblisslaw com Scripps Ranch Probate Attorney A trustmaker can modify his will,getting the arrangements for a testamentary trust,at any point during his lifetime.
Running errands for medications,food,individual products,etc The Law Firm of Steven F.Bliss Esq.Rancho Bernardo Probate Attorney A trust administration is NOT a court-supervised process yet its ultimate goal is also the transfer of property from an individual who has died (the decedent) to that individuals beneficiaries who are identified in his/her revocable living trust.
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A revocable living trust is another common type of trust,and is used in estate planning This analysis uses similarly to judgments coming from Florida,judgments entered in other states tape-recorded in Florida pursuant to the UniFirm Enforcement of Foreign Judgments Act,see Haigh v steveblisslaw com Simply being unhappy with the distribution of possessions or the delay of the probate proceeding in basic is not enough premises to successfully object to the credibility of a last will and testament.
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It also would specifically address the care and income of children or relatives with special needs that must be planned carefully to avoid jeopardizing eligibility for government benefits use steveblisslaw com Mission Beach Probate Attorney Del Cerro (858) 278-2800.
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My law practice is concentrated in the areas of Wills,Living Trusts and Estate Planning; assisting clients in Probate and Trust Administration matters; assisting clients with Chapter 7 and 13 Bankruptcy cases; and assisting my clients with the Firmation and management of Partnerships,LLC’s and Corporations There’s absolutely nothing requiring you to continue making insurance coverage payments steveblisslaw com San Diego Pobate attorney.
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Personalized Representation of Your Case Avoid Probate and Estate Taxes steveblisslaw com Finding all properties can be extremely lengthy,especially if the deceased did not meticulously arrange files and records.
You can call more than a single person or perhaps an institution as your Attorney in Fact.
You may,of course,give someone more than $14,000 a year Living Trusts The Law Firm of Steven F.Bliss Esq.If the requirement for center care emerges,individuals can maintain no more than $2000 in countable assets to get Medicaid assistance to pay for the cost of the facility.
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We’re your partners,every step of the way Your healthcare representative will deal with doctors and other health care providers to make sure you get the kind of healthcare you want to receive steveblisslaw com Once the Will has gone through probate,the administrator can carry out his/her remaining estate administration duties.

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It’s important to draft a durable power of attorney (POA) so an agent or a person you assign will act on your behalf when you are unable to do so yourself Shelter Island.
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The Law Firm of Steven F.Bliss Esq.San Elijo Hills Probate Attorney In most cases,this process may be as simple as filling out Firms required by the bank.
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Individual retirement accounts are individual cost savings.
If the decedent retitles his tenant-in-common interest into the name of a living trust before his death,this converts the tenant-in-common interest into a non-probate asset great.
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When you execute the living trust declaration and then properly fund the trust,what you have done is that you have created a legal entity separate and apart from yourself that is now fully functioning doing whatever it is that you told it to do steveblisslaw com Sorrento Mesa Trust Attorney However,the more intricate the scam,the more likely the individual included in the procedure can deal with imprisonment in a regional prison or other penalties depending on the judge or jury included in these matters.
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You can commonly name beneficiaries for retirement accounts like IRAs and 401(k)s,as well as life insurance policies,securities and certain bank accounts The very first concern is why would an estate planning lawyer or a trust lawyer use a will at all? steveblisslaw com Escondido Estate Planning Attorney.
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