Transfer on death or payable on death accounts sound great at first glance - exactly because they are so easy to set up. However, there may be problems ahead for your beneficiaries if their circumstances change in any way.
You have just signed the paperwork on what is probably your most valuable asset. Now is the time to protect that asset for your family. In California, probate fees are based on the value of the house – whether or not you owe money on a mortgage!
Are your beneficiary designations consistent with your estate planning wishes? In the event of your untimely death, the manner in which your beneficiaries receive your assets, including life insurance, depends on how your property is titled.