Depending on your investments and your intentions, you may need to take a couple of extra steps to ensure that your assets will be passed on exactly as you intend. Without some precautionary measures, a portion or even a majority of your assets may be passed on in a manner that does not meet your wishes. This may pertain to your 401(k) plan and IRA.
Without other planning, your 401(k) assets will automatically transfer to your spouse if you are married when you die. Even if the account was created before your marriage or you have a prenuptial agreement, your spouse may be the only beneficiary to your 401(k) assets the second you are officially man and wife.
If you do not wish to pass on all of your 401(k) assets to your spouse, you should speak with an estate planning attorney to make some necessary changes. Your spouse will need to file a written statement waving his or her rights to your 401(k).
Similar to your 401(k) assets, your IRA may not be distributed out as you intended in your will. Rather, it will go to the person(s) you listed on your beneficiary designation form. However, if you want to name different persons to receive your IRA assets, you should meet with an estate planning attorney to ensure that your beneficiary designations match your intentions.
If you have some kinks in your estate plan that still need to be worked out, contact an experienced Arizona estate planning attorney who can help. The estate planning attorneys at JacksonWhite have the knowledge and ability to get your estate plan put in place. Call today (480)-464-1111 to schedule a consultation with attorney, Dave Weed