Beneficiary designations
When you are completing forms to enroll in an employer-sponsored retirement plan, take out a life insurance policy or open an IRA, you often have the option to designate a beneficiary for that account. This beneficiary designation tells the administrator of that financial vehicle that, upon your death, they must transfer the assets of the account directly to the beneficiary (or beneficiaries) named.
In many cases, this is the best and fastest way to transfer assets because they do not have to pass through your estate, thus avoiding probate expenses as well as unnecessary hassle.
