An important reason to review your life insurance beneficiaries

Did you know that it may be possible for your money and assets to be bound in the approval by the court a year are not uncommon, if you were to die?

This is why it is important to consider the beneficiaries of your life insurance policies and ensure that they will be paid to a designated beneficiary (a person) and not the estate. This will prevent the money from being part of the probatable succession.

This is why it is important.

The approval is simply the Latin word for proof, which means that the approval process of succession is the process by which your will is brought before a court to prove that he is a will valid. The courts responsible for this responsibility are generally known as probate courts, which can effectively oversee the administration or settlement of your estate

The approval process is governed by the laws of the State aim to achieve three main objectives:

1. to preserve the property assets
2. to protect the rights of creditors in the payment of their debts before the estate is distributed to heirs
3. to ensure that the heirs receive their inheritance in accordance with the terms of the will of the owner succession

once the personal representative of the estate (executor or administrator if the owner of the estate died without naming a personal representative) is approved by the probate court and positions of the link is required, the approval process generally takes place as follows:

• personal representative must "prove" the will to prove he is valid will be signed by the property owner who was competent and not under duress or influence when signing
• the notice must be given by staff representing all creditors to make a quick claim for money belonging to them by the estate
• personal representative shall prepare and file an inventory and evaluation of real estate assets
• personal representative must manage and liquidate real estate, if necessary to pay all debts and taxes owed by the estate
• Finally, the remaining estate is to be distributed to heirs according to the will owner of the estate (or the state laws of intestacy if there is no will)
• it is not uncommon for the probate process to require a year or more and considerable expense before the estate is finally settled, good planning can be used to minimize the impact of the registration process of your estate and heirs.

ensuring that your life insurance benefits are paid to a designated beneficiary and not the estate, you will prevent the product from death to be part of the succession probatable , saving time and expense in the distribution of products to your beneficiaries.

As you can see, this is a complex issue that is best worked on with your financial, insurance and legal advisors.