Posts
While a Will is an important part of any estate plan, there are other things that should be considered too.
Beneficiary designations and joint tenancy property should be considered when reviewing your estate plan. Your bank accounts, stock brokerage accounts, retirement accounts may have beneficiaries that you named to receive the assets in those accounts. These accounts might also be held in joint tenancy. Real estate might also be in joint tenancy.
The reason that this should be reviewed with your Will is that assets that have a beneficiary designation or are held in joint tenancy will go directly to the persons listed and that necessarily might not be the persons that you named as beneficiaries in your Will. It also might not result in dividing the money between your beneficiaries in the way that you want.
For accounts that you set up many years ago and for real estate purchased years ago, you may want to check the to see if they are held in joint tenancy or if you have named beneficiaries. Then check your Will to make sure that the you will be leaving your property to the persons and in the amounts you intend.
So a good estate plan goes beyond the Will and considers any property held in joint tenancy and any beneficiary designations that you may have made.
Beneficiary designations and joint tenancy property should be considered when reviewing your estate plan. Your bank accounts, stock brokerage accounts, retirement accounts may have beneficiaries that you named to receive the assets in those accounts. These accounts might also be held in joint tenancy. Real estate might also be in joint tenancy.
The reason that this should be reviewed with your Will is that assets that have a beneficiary designation or are held in joint tenancy will go directly to the persons listed and that necessarily might not be the persons that you named as beneficiaries in your Will. It also might not result in dividing the money between your beneficiaries in the way that you want.
For accounts that you set up many years ago and for real estate purchased years ago, you may want to check the to see if they are held in joint tenancy or if you have named beneficiaries. Then check your Will to make sure that the you will be leaving your property to the persons and in the amounts you intend.
So a good estate plan goes beyond the Will and considers any property held in joint tenancy and any beneficiary designations that you may have made.
Disclaimer: This is a passive blog and the materials contained herein are provided for informational purposes only. Nothing contained in this blog should be interpreted as a solicitation of business and none of the information contained herein constitutes legal advice. The law is subject to change without notice, and the local laws of your residence may be different from the general information displayed on this blog. You should not rely on the information provided on this blog without first consulting an attorney. Contacting this website does not establish and attorney/client relationship between you and its publisher Christopher W. Matern. An attorney/client relationship can only be established with Christopher Matern by engaging in direct person-to-person contact with Christopher Matern. Christopher Matern does not intend to practice law in any jurisdiction in which he is not licensed.
No comments:
Post a Comment