I just published a new YouTube video: Do Beneficiary Designations Replace a Will?
A lot of people assume that if every account and property has a beneficiary listed, they do not need a will. That is not correct.
In this video, I explain what a will actually does, including appointing a personal representative, naming backups, and waiving bond to make the probate process smoother. I also discuss why beneficiary designations and beneficiary deeds are limited tools. For example, a beneficiary deed typically only covers the house and usually only one adult beneficiary.
If you want contingency planning, minor beneficiaries covered properly, or a comprehensive structure, a will still plays an important role in Arizona estate planning.
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#BeneficiaryDesignations
Duration: 0:1:25