By Eric P. Rothenberg, Esq. – While there are many laws and court cases about “probate” property, most property today is “non-probate” and passes at death “by operation of law” and without probate court supervision. Non-probate property includes the following types of property: Property with a Beneficiary Designation: The usually consist of life insurance and retirement assets (like a 401(k), SEP, Keogh and IRA). This property, which is in effect a contract between you and your insurance company or retirement custodian, passes to the individual or individuals that you list on the company’s beneficiary designation forms. It is important to review these every so often to ensure your beneficiary designation is not out of date. It is equally important to note that these designations are NOT affected by a will. So even if your will states you leave that asset to someone, it does not supersede a designation form.

When we work with our clients to put a will in place, execute a power of attorney, create a trust or any estate planning instrument, we include in these legal documents flexibility so they will remain valid working documents for a long period of time. However, life events may necessitate updates to estate planning documents. Here are the top reasons you would consider updating your estate plan: 1. Move to another state. Have an estate planning attorney in your new location update your documents to ensure they comply with the laws in that state. Each state’s laws dictate what estate planning documents need to include and how they need to be signed. In addition, if you move from a state that imposes an estate tax to one that doesn’t, or vice versa, your plan may need to be updated to take into consideration this change in the taxable status of

What is a life estate? The term “life estate” refers to property that is owned by an individual only through the duration of his or her lifetime. Therefore, it’s always for an indefinite period of time.   We usually encounter life estates when dealing with real estate. When you have a life estate, you are called the “life tenant.” For example, you can sell or give your home to your children, but retain a “life estate”, thereby reserving the right to live in, use, enjoy and control the home until you die. Your children would be called the “remaindermen.” Why would I want a life estate? Probate Avoidance: A life estate is a way to pass your home to your children or other beneficiaries without going through probate. If you own a home and the title is in your name alone at death, it will have to go through probate. Keep