Like retirement plans and many other financial accounts, proceeds from life insurance policies typically do not pass through a person's estate. In other words, upon the death of the insured, the insurance company will pay the proceeds directly to the person named as a beneficiary on the policy.
Many residents of San Jose, California, and the surrounding greater Bay Area may have heard the phrase undue influence, even if they just happened to be reading about a big estate-related court fight.
Parents and others in San Jose who are planning to leave significant assets to their children, or who wish to transfer those assets to them as part of their planned giving, may face a bit of dilemma.
One thing that has big impacts on what happens with an IRA after a person dies is who the person named as the IRA’s beneficiary. There are many options people have when it comes to who to designate as beneficiary. For one, they could name their desired heirs directly.