In today’s Dollar Stretcher email (www.stretcher.com) a poster stated that she hadn’t realized that beneficiaries on accounts override one’s Will. I knew that, and in fact I’m writing a mystery novel that hinges on the idea of a character promising to make someone the sole beneficiary of her Will, and she does, but her assets all have beneficiaries on them, so the heir by Will gets nothing.
It’s wise to periodically review your accounts to make sure your beneficiaries are still the people you want to have it, and for that matter are still alive.
IRA, 401k, POD stocks, real estate, bank accounts: Are you leaving them to the people you want to have them, or perhaps to a former spouse or deceased parent?
Marie Brack is the author of Frugal Living for the 21st Century: Adventures in Using Your Money Wisely. It’s available on Amazon.com in both Kindle and paperback versions.