Page 13 - Ultimate Guide to Estate Planning Third Edition_Neat

Chapter 2. What happens if I don’t do an
estate plan at all?

First, if you die without a will or a revocable
living trust, your assets will pass to your close
family members in a manner that the
Minnesota legislature has determined (see
below discussion). Second, your life insurance
proceeds will pass to the beneficiary you have
designated through your life insurance
company when establishing or modifying the
beneficiary designation of your life insurance
policy.

Third, your retirement accounts (IRA, 401(k))
will pass to the beneficiaries designated on
those accounts.

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