By Mary Randolph
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Extra resources for 8 Ways to Avoid Probate 7th Edition
Example 1: Christopher is a resident of South Carolina. His grandson, however, lives in California, which has adopted the UTMA. Christopher can appoint a custodian for his grandson under the California Uniform Transfers to Minors Act. As long as the boy is a resident of California when the transfer takes place, the transfer is valid under the UTMA. Example 2: Eunice, a Vermonter, keeps an account in a New Hampshire bank. She can use the New Hampshire UTMA to appoint a custodian for her granddaughter.
Example: Harvey names his wife, Marlene, as the primary beneficiary of his IRA and his son, Matthew, as the secondary beneficiary. When Harvey dies, Marlene is in her 70s and doesn’t need the money in the IRA. She would rather it go to Matthew, so he could stretch distributions over his much longer life expectancy and let the money in the account continue to grow. So she disclaims her interest in the money, letting it pass directly to Matthew. 50 | 8 Ways to Avoid Probate See an Expert Disclaimers can get tricky.
If the account is worth more than a few thousand dollars, however, you should think about what might happen if that beneficiary were still a child at your death. You will probably want to arrange for an adult to manage the money for the child. If you don’t, and a minor child inherits money from a payable-ondeath account, one of three things will happen: • If state law allows it, the money, no matter how much, can simply be given to the beneficiary’s parents (or to the beneficiary, if he or she is married).
8 Ways to Avoid Probate 7th Edition by Mary Randolph