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hey everyone it's kristin kaley from nelson financial planning here to explain the importance of designating beneficiaries on your accounts if this important step is missed it could have some unintended consequences for your loved ones for example assets without name beneficiaries could go through probate which can get pretty costly in this video we'll explain what it means when assets go through probate and how keeping your beneficiaries up to date can save on attorney fees probate is a court supervised process whereby the decedent's assets are generally dispersed in this order first to pay off the cost of the probate proceeding the bulk of which is made up of attorney fees these fees may vary but generally come out to three to four percent of the value of the estate second to pay off the cost of funeral expenses which on average comes out to eight to ten thousand dollars then to pay off the decedent's outstanding debts which could include home mortgages car loans and outstanding medical bills last the remainder is distributed to the decedent's beneficiaries let's take an example let's say an estate value to five hundred thousand dollars unfortunately has to go through probate this could easily come out to fifteen thousand dollars in probate fees which could have been avoided with proper beneficiary designations and estate planning this is why it is very important to make sure that your accounts have current beneficiary designations it could save your beneficiaries from paying high attorney fees here at nelson financial planning we help guide you through estate planning and consistently updating your beneficiaries as always please feel free to reach out to me directly with any questions or call our office to schedule your free initial consultation thank you for listening and take care