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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Do financial assets (Bank accts, brokerage accts, etc.) currently in the name of an individual with named beneficiaries avoid going through probate? 
If not, will those same assets in the name of a revocable trust avoid probate?[/quote]

Yes, but [b]it is recommended that you do not use beneficiaries for most accounts other than retirement accounts[/b] so as not to inadvertently defeat the purpose of your will.[/quote]

This advice seems counter to everything I've heard.. Why subject yourself to the probate process if you can avoid it? Just make sure your beneficiary designations are consistent with your will. For example, I have accounts named in my individual name and have named my revocable trust as the beneficiary. All distributions will be subject to what the Trust says.

Agree that Bank and brokerage accounts pass to the beneficiary without probate..

https://www.pnc.com/insights/personal-finance/spend/what-happens-to-a-bank-account-when-someone-dies.html
"Joint accounts with rights of survivorship and accounts with payable on death (POD) and transfer on death (TOD) designations bypass the probate process, transferring directly to named beneficiaries."

Same goes for Brokerages too.. https://www.fidelity.com/life-events/estate-planning/asset-strategies/brokerage
[/quote]

PP here and the part about making your beneficiary designations consistent with your will is the part people screw up, mainly due to not updating them.  Say you have two kids and they each have two kids so four grandkids.  If you use beneficiary designations and one of your kids predeceased you your grandkids will be inadvertently disinherited.

Another possibility is you want to leave a certain sum to a niece/nephew or grandkids amd you keep it in an account earmarked for then.  Your POA with the best of intentions doesn't know this and liquidated that account to pay your expenses that person was just disinherited.

Probate in most places isn't an overly complicated process (except CA).  Bruce Steiner has some excellent posts in this regard on Bogleheads.  [/quote]

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