The pandemic has changed people’s thinking on many things,
not the least of which is estate planning and making a will.
It’s highly recommended to put a plan in place for your home, bank accounts, and belongings if the worst was to happen.
Before you sit down to plan your estate, here are ten things you need to know that you might not have considered.
What happens if you pass away without a will?
Dying intestate means the state courts will decide who gets your belongings and who will become guardians of your children.
Having a will in place makes sure that you are in control of your assets and can distribute them as you see fit.
So if you want to donate to a school or charity, you can – without the state getting in the way.
You do need to be aware that some assets are passed on outside of the will, regardless of what you put in writing.
Some assets are distributed regardless of what your will says
Some examples include:
Individual retirement accounts
Life insurance policies
The person named as the beneficiary on these types of accounts will generally receive the asset regardless of what your will states.
If you keep these up to date, you can ensure your money is going to the right place.
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