When preparing your will there are three things you may not know. And they are basic. So here they are, courtesy a story on wealthmanagement.com.
* A will doesn’t actually cover all of your assets. Such assets with beneficiary designations are not covered. These include such things as 401(K) plans, IRAs and life insurance. So make sure your beneficiary designations are consistent with your will. Also, assets held in a trust are handled outside probate.
* Take some thought in naming your will’s executor. This requires a lot of work and some brains. You can choose a spouse, child or trusted friend. Or you can name an attorney.
* Take extra care in writing your will if you have young children. In most cases, they cannot handle inheriting a large sum of money or property. So you should take care in naming who would act as guardian.
If you have questions about estate planning, feel free to contact us for a consultation at (626) 696-3145.
