Host: What happens in the circumstance that I fail to plan for my death?
William Conway: What happens in the circumstance of death if one has failed to plan it is first of all, many assets must potentially go from probate. Probate is a process that once again is a court ordered and court directed process. It is something we seek to avoid. Not just because of the costs involved but also just because of the time, the delay and the fact that it is public.
In addition to that people assume that their assets are going to certain people, they assume because they are married that all their assets will go to the spouse. They assume because they are able to direct the property in certain ways by beneficiary designations and by Joint Tenant Rights of Survivorship that that will control and direct the property.
In point of fact, it also leaves open the property to other problems.