There are several situations in which a will does not control the transfer of an asset.
Regardless of how perfect a will is drafted, it will not override the terms of your IRA or 401K custodial agreement.
It is critical your beneficiary forms are up to date any time a life changing event occurs such as a birth, death, marriage or divorce.
If you made a beneficiary designation mistake, sometimes it’s too late to fix it.
A few assets that do not pass through a will include: IRA, 401K, Pension Plan, Annuity, Life Insurance, POD account, Joint Tenancy Property, Community Property with Right of Survivorship
A Will is a good place to start but many experts believe a Living Trust is better, especially if you happen to own Real Estate.
To find out more about the differences between a Will and Trust, give us a call at 949-474-8440.
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