wills and beneficiaries
I would like to know if a will with a listing of these accounts would make sure people would get what I want them to have. I f the beneficiaries can get their share
Terry Says
OK, this can be complicated. First, do you have a will? If you do, you can leave specific things to certain people. The people you name are called beneficiaries in your will. You can leave them specific things (family china or heirlooms, for example) or money. But since you may spend your money before you die, you could also say that each person gets a certain percentage of your cash assets.
If you have an Individual Retirement Account or an insurance policy, you name a beneficiary for that account or policy. It passes directly to the beneficiary and is not part of your will.
Or, if you have bank accounts, you could ask the bank to name the account in your name — but with the words”Payable on Death” to a certain person. That person could not get at your money until you die, and they present the bank with a certified death certificate.
If you have someone you trust completely, you could also title the account as “joint tenants with rights of survivorship.” At your death they would get the money in the account automatically. BUT while you are alive, they can also withdraw — and may be you want a trusted person to be able to pay certain bills if you are incapcitated but alive.
Please write back if you want a referral to an estate planning attorney assuming your situation is a little more complicated than I have described here.
