Non-probate Assets In FreeWill
Beneficiary designations for non-probate assets
Non-probate assets are assets that are passed on to beneficiaries other than through a will.
Examples include IRAs, 401(k)s, and life insurance policy proceeds. Non-probate assets can make up a significant portion of your total property. In the estate planning context, beneficiaries are the people and organizations that receive property when its owner passes away.
For non-probate assets, beneficiaries generally must be named using a particular form that is specific to each asset.
It is important to set beneficiaries for non-probate assets because your will does not control the distribution of your non-probate assets.
To ensure that those assets go to the people and organizations you love, you must be sure to name your beneficiaries and update them over time properly. Most Americans have not properly designated beneficiaries for one or more of their non-probate assets. If neglected, the consequences can be both serious and expensive.
How to add beneficiaries to your non-probate assets
The average middle-aged adult has over five major non-probate assets. Because these assets are often held across different institutions, it can be difficult to keep track of everything. FreeWill helps you organize all your non-probate assets in one place so that you can plan your beneficiary designations easily.
Note: designating beneficiaries for such non-probate assets cannot be handled by your will. We will provide instructions on handling your non-probate assets at the end of your will-making process.
To add beneficiaries:
- Login to your FreeWill account
- Click on your name in the upper right-hand corner of the screen or follow this link.
- Click on 'Go to your account'
- Select 'View/Edit' under 'Beneficiary Plan' document
With FreeWill you also have the option to add custodial beneficiaries to your will. Below are links to publicly available instructions from individual institutions to update your information.
- Charles Schwab
- JP Morgan Chase
- TD Ameritrade
- Merill Lynch
- Mutual of Omaha
- T Rowe Price
- Edward Jones
- Morgan Stanley
- Liberty Mutual
Disclaimer: FreeWill is not a law firm, and does not provide legal advice. While FreeWill strives to ensure that its automated services are complete, they are meant purely as self-help forms. The materials and services are not substitutes for the advice of an attorney.