As A Final Act of Love, Plan Thoughtfully
No one likes to think about dying.
That’s probably why people generally don’t put much thought into estate planning.
But distributing one’s earthly possessions to those you love most is something you really want to get right.
Naming your heirs in your will is not enough.
It’s wise to name who gets what in documents filed with your insurer, annuity provider and retirement fund sponsor, usually for individual retirement accounts.
To be clear, if you want your daughter to get your ABC Stock 500 fund, naming her in your will is not enough; it must also be on file with a custodian.
And listing multiple beneficiaries of real estate often is an invitation to a quarrel.
What if you give your home to your children and one wants to keep it for old time’s sake, and the other wants to unload it and pocket the money?
Or perhaps they all want to sell but can’t agree on a broker or a fair selling price and then they need to chip in to maintain the house, which can cause further disputes.
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