One of the bigger problems in estate planning today is how easy it can be to leave property to other people after you pass away. It used to be that almost everything was handled by a Will. However, today, you can have pay on death accounts and beneficiaries on retirement accounts. If you are not careful, then your various documents can contradict each other.
For example, you might have a savings account that you want to leave to your children. You create a Will and state your wishes for the account in the Will. The problem arises because you forget about what happened when you opened the savings account. The bank gave you a bunch of paperwork to fill out and one thing that you probably completed without thinking too much about it is making the account payable on death to another person. Banks like it when you do that as it makes things easier on them. However, if the account is payable on death, then what you put in your Will about it is meaningless. By law, everything in the account goes to the person you designated at the bank.
Review your estate plan and your financial accounts. Make sure that you have not created any conflicts. If you have, talk to an attorney about how to fix them.
Stephen A. Mendel, Estate Planning Attorney
Latest posts by Stephen A. Mendel, Estate Planning Attorney (see all)
- Do I Need to Include Retirement Planning in My Estate Plan? - July 15, 2019
- Texas Trivia- Who played the lone survivor of the Alamo in “The Man from the Alamo?” - July 12, 2019
- Staying Current on Estate Planning - July 9, 2019
