Will Substitutes

Will Substitutes

by Richard C. Wilson & Family Offices Group Association Team

Family Office Definition: Will Substitutes

Will Substitutes definition:  Will substitutes transfer assets to beneficiaries outside of a will. They are not subject to probate. Examples of will substitutes include: life insurance, retirement accounts, annuities, custodial accounts, trusts, government savings bonds, property held by joint tenancy, property transferred by deeds of title or gifts, and payable-on-death or transfer-on-death accounts.

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