![]() ![]() ![]() Although 401(k) plans routinely remind participants to review their beneficiaries, they rarely advise them to name a contingent beneficiary, she says. You should also name contingent beneficiaries in case you and the primary beneficiary-usually your spouse-die simultaneously or within a short period of time, McDowell says. You can also use a power of attorney to designate an individual to manage your digital assets, such as your online and social media accounts.īeneficiary designations usually supersede instructions in your will or living trust, so it’s critical to get them right, says Letha McDowell, an attorney with the Hook Law Center and president of the National Academy of Elder Law Attorneys. ![]() POA designations give an individual you trust the authority to manage your finances or make health care decisions in the event that you become incapacitated. The basic components of an estate plan include a will or living trust (or both), a living will, and a power of attorney for finances and health care (also known as a health care proxy). Worse, some of your assets could end up going to a wrongful heir. But unless you regularly update these documents and beneficiary designations, your heirs could still find themselves in a legal morass after you die or paying more than they had to in taxes (we’ll cover that, too). You have a will and have named a power of attorney for finances and health care. Hardly a week goes by without news of a celebrity who died without a will, fracturing families and enriching their attorneys. ![]()
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