Having a signed will is an amazing accomplishment. It means you have taken that step to protect your assets and plan for your family’s future. But there are quite a few things that will pass outside of your will that you should also check and change, if necessary. Assets such as retirement accounts, life insurance, and any other assets you may own jointly with someone else such as bank accounts, real estate, and business interests.
No matter what your will says, these types of assets will pass to whoever is named in the beneficiary designation or to the other joint owner(s). If you have added a child to a bank account for convenience, that child will receive all those assets. If you want one child to receive nothing, but did not fill out your beneficiary designation, all your children will share equally. Many unintended results happen when these assets are not also considered in your planning. Your estate planning attorney should ask you questions about all of these assets and should be willing to assist you with checking these assets to assure your entire estate, not just your will, is in order.
Is adding someone to your bank account a good idea? Find out here.
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