You should make sure you have designated a beneficiary (or beneficiaries) for all of your financial accounts, including investment, retirement and bank accounts. Doing so will allow you to designate to whom you want the funds in those accounts to be transferred when you die. Make sure those review your beneficiary designations periodically to make sure they are up to date.
If you have not designated a beneficiary for a financial account, the transfer of the funds in the financial account will be determined by the Probate Court pursuant to your Last Will & Testament or the probate laws of the state of your last residence.
This insight into the law is provided by Michael S. Bailey, Esq. of the law firm of Bailey & Gunderson Co., L.P.A., with offices in Norwood, Western Hills and Anderson Township. Phone: (513) 631-0022.