You should also think about the personal circumstances or relationships of the people who will be in charge of you or your estate. If a representative has died or moved away, who can replace them? If someone has recently made poor financial decisions, are you still confident in their ability to properly manage your assets? You chose them for a reason when you originally signed the document. The representatives named in your estate planning documents are often given a great deal of power over you or your estate. You should therefore coordinate your beneficiary designations with your will or trust to make sure all of your assets are distributed the way you want. However, beneficiary designations can override those documents.įor example: Your trust may say that your son John will receive your entire estate and that you are disinheriting your other son, David.īut if your insurance policy lists David as beneficiary, he will still get part of your estate. Many people incorrectly believe that a legal document such as a will or a trust controls what happens to all of their assets. Related post: 7 Mistakes to Avoid When Naming Beneficiaries You should then review your pay-on-death (POD) beneficiaries on insurance policies, retirement accounts, and other assets.ĭo they match the beneficiaries in your will or trust? First, make sure your will or trust correctly states who will inherit your assets.
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