This New Year, Resolve to Organize Your Financial Affairs
BY: Christine Sperry
- The asset with a named beneficiary will not pass through your will or trust. Example: You have a young child and within your trust terms, your asset(s) will pass to your child, but not until he/she turns 30 years of age. If you name the child as a beneficiary of the asset(s), the terms of your trust would not be followed, and full control of the asset(s) would be in the control of the child upon your death.
- Another issue to address is ensuring the person listed is still the person you would like to have the funds. You might have listed your now ex-husband on an account back when you were married. It is good practice to review all your beneficiaries to ensure they are updated and correct.