Beneficiary Designations
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Will does not effect an asset if:
a valid beneficiary designation exists on an account or annuity or life insurance policy
Property listed as "transfer on death" or "payable on death"
passes directly through to the named beneficiary, avoiding probate. Unlike a will since with a will, property ownership doesn't change until the probate process is completed and the executor of the estate distributes the property
ITF or "in trust for"
sometimes called a "Totten Trust". EX. A bank account will pass to your ITF beneficiary. During your lifetime, they have no claim against the account
