Beneficiary designation will keep bank account out of probate – Orlando Sentinel

Q: If I name a beneficiary on my bank account, will this avoid probate upon my death? – MC, Orlando

A: Yes. If you complete the beneficiary designation form and your beneficiary is alive at the time of your death, the bank account will not be considered a probate asset and the funds will be released to your beneficiary outside of the probate process. –Derrick Chandler

Q: I’ve spoken with a lot of financial advisors and I feel like I’m quite conservative. I need income, but I’m afraid bonds aren’t paying much right now. What should I do? –EG, Orlando

A: Consider setting aside enough income to cover your monthly expenses for the next 12-24 months, then invest the rest of your portfolio in a mix of stock and bond mutual funds depending on a level of risk with which you are comfortable. An independent financial adviser can help you determine what should be based on your personal circumstances. – John Cash III

Have a question? E-mail [email protected]. Include your name (only your initials will be printed), hometown and phone. Certified financial planners from the Financial Planning Association of Central Florida answer questions. The answers are for educational purposes only; you should also consult a financial professional. Questions and answers may be edited for reasons of space.