This is Estate Planning question, please give me the correct, complete the answe

Question

This is Estate Planning question, please give me the correct, complete the answer ,Typing versionthank you

Emily Jackson, a new client, has asked you about probate avoidance planning with regard to her property. She wants to know whether it is advisable in her case, and if so, what are its advantages and disadvantages, if any. Emily is 47 years old, divorced and mother of a daughter, Amy, 25 years old, and a son, Glenn, 20 years old. She owns a personal residence with a mortgage, has a small IRA, and modest additional savings. How do you respond to Emily regarding her probate avoidance question?

Explanation / Answer

There are several measures that Emily could take to avoid probate .

Regarding the IRA's ( retirement accounts), Emily must name a beneficiary to inherit at her death .

On the modest additional savings she must name a payable on death beneficiary .

With regards to the personal residence, Emily must transfer to a living trust or prepare a transfer on death deed.

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