Financial Organization, Planning, Budgeting
Remember: Designations Trump Wills
Writing a Will or setting up an estate plan helps you protect your family’s future if the worst happens, but keep in mind your Will may not be the final word.
If you have a life insurance plan, or a retirement account, for example, and you designate a beneficiary to receive funds after your death, that designation supersedes your Will. So, if you leave everything to your spouse in your Will, but your child is the beneficiary of your life insurance policy, the child will receive the proceeds of the policy. This may be okay, but not if that is not what you intended.
Take a moment to review all your beneficiary designations and make sure they are in line with your wishes. Don’t assume your Will takes care of everything.