Many believe that having a Will is the only way to carry out their wishes as to who gets what. For some things, like a deed to your home which you own in your name alone, that\u2019s true. You need a will or trust to name a beneficiary, in a legally binding way.<\/p>\n
But for many other types of property, there are built-in instructions as to who will get it next. Consider the following examples:<\/p>\n
\u2022 Trusts provide instructions as to where assets go when you die.
\n\u2022 With life insurance policies, you can name beneficiaries to inherit.
\n\u2022 With real estate or other jointly owned accounts, co-owners can inherit from a survivor, or not, depending on how the title is taken. If there is a right of survivorship, the survivor inherits it all. If co-owners own property as tenants-in-common, each owns 50%. The survivor doesn\u2019t take all, so a Will is needed to name who inherits the other 50%.
\n\u2022 Transfer on Death or TOD accounts name a beneficiary to inherit upon the death of an owner.
\n\u2022 Qualified retirement benefits must pass via a joint and survivor annuity, to the surviving spouse. If a retiree wants another form of payment, like a lump sum, the spouse must okay the distribution.
\n\u2022 IRA accounts should name beneficiaries to maximize tax deferral.<\/p>\n
If your accounts aren\u2019t jointly owned, and\/or you don\u2019t name beneficiaries, you need a Will or a trust to make sure these assets end up in the right hands.<\/p>\n","protected":false},"excerpt":{"rendered":"
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