Terrific! By answering yes to this question you indicated that you have been careful to keep your various accounts and policies up to date with the names of your intended beneficiaries, percentages of the assets they will receive, and have ensured that these non-probate assets are properly coordinated with your estate plan.
Remember that non-probate assets -- things with some self-contained transfer authority and direction -- will not be distributed as part of your probate estate through the terms of your Will. They may not even be distributed under the terms of a revocable living trust unless the accounts are titled to the trust or the
trust is a beneficiary of the asset. This is often a trap for the unwary in the estate planning field. Many people have significant assets in retirement plans and expect that those assets will be distributed as set forth in their will or trust. That is not generally the case unless proper planning is done which is why reviewing retirement accounts, life insurance policies, annuities, brokerage accounts, etc. is such an important part of a comprehensive peace of mind plan!
While you may have everything in order, it wouldn't hurt to review your records and just make sure!
Click HERE for Question 5.