Willis, age 50, was a single man who died intestate. In addition to household and personal items, he had a savings account valued at $30,000. Assume Willis engaged in proactive financial planning prior to death. How did Willis ensure that his savings account assets would go to a specific person?

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Melina Mercado

14 September, 14:55

Willis, age 50, was a single man who died intestate. In addition to household and personal items, he had a savings account valued at $30,000. Assume Willis engaged in proactive financial planning prior to death. How did Willis ensure that his savings account assets would go to a specific person?

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Melina · Answer 1

Through an insurance policy plan and a written right of transfer of asset

Explanation:

If Willis had a proactive financial plan, he would have an existing insurance policy plan with a particular premium payment on which he could have stated the name of a beneficiary in the event of death.

As for right of transfer of asset, he would have had a legal written will in his savings account asset instructing the financial institution to transfer his asset to a particular named beneficiary (s).