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Distribution of Contract Assets at Death

Many people believe that their will is the sole defining document for distribution of all their assets after their death. While the will is an important document and goes a long way to establish an estate plan, it cannot, and frequently does not, control the distribution of all assets.

Every estate has two kinds of assets – probate assets and contract assets. Probate assets are generally owned unconditionally and are distributed at death according to a will. Contract assets, such as life insurance, 401ks, IRAs and revocable living trusts state in the contract what is to happen to those assets…

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