If you are even slightly familiar with estate planning in the Bronx, you must have come across the term “probate”. This particular term is a reference to a legal procedure that is neither good nor bad. It may be helpful in some instances, but the general sentiment around it is of avoidance.
Consider it like the watermelon candy every grandma has in her purse. They’ll always have it when you ask for something sweet. In fact, you’ll also find it among their Halloween handouts. Even with its supposed omnipresence, nobody actually eats it. Again, it’s better avoided.
Similarly, estate planning in the Bronx is better off without the possibility of probate. The process may not be bad, but it is public, long, and costs money.
One can achieve that by properly assigning titles and dedicating beneficiaries in your financial accounts. The beneficiary is basically the person or another entity (charity, non-profit, etc.) that will receive a certain part of your estate in case you pass away.
When you name a beneficiary on a bank account or policy, it passes on to the named individual/entity, probate-free.
This is undoubtedly a very favorable aspect of estate planning in the Bronx. However, beneficiary designation mistakes must be avoided to ensure unintended consequences are prevented from emerging.
Here are some of the most common beneficiary designation mistakes to avoid: