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I think the article, linked below, is a great resource on this topic. However, I disagree with the title, "Huge Win for the Middle Class." A beneficiary designation for real property is a huge win for everyone because it helps avoid probate, saves taxpayer money, and provides some relief to our overburdened courts.
Despite being a huge win for everyone, I would not recommend planning an estate by only using beneficiary designations. A comprehensive estate plan that utilizes a revocable living trust is the best way to protect property during illness, avoid probate, and distribute property to beneficiaries. Beneficiary designations cannot protect a persons's property during a long term illness. Without a comprehensive estate plan, a person's property could be in limbo as to how the property is to be used and managed during a long term illness.
A revocable trust is the best tool for managing property for the benefit of the owner during a period of illness thereby planning for a period of time between health and death. As a result, beneficiary designations on real property should only be viewed as a tool for estate planning, not a substitute.
http://californianewswire.com/2015/04/09/huge-win-for-middle-class-californians-as-probate-simplification-legislation-passes-state-assembly-ab139-CNW24745_103734.php/