Have you done your homework? Here are some important reminders for our clients who have already completed their Wills, trusts, powers of attorney, and other estate planning.
1. Be sure to complete the Will Memorandum given to you at your signing appointment or utilize the downloadable form available on our website.
2. Review the closing letter included in your packet of materials provided at your signing appointment. It contains important "frequently asked questions" such as where we recommend you keep your documents, whether you should provide copies to anyone, and how to make changes or updates to your documents.
3. Make sure to review and update your beneficiary designations on life insurance, retirement benefits, and other investments. Your Will does not control these assets, so it's vital that they are updated with your wishes. Furthermore, you may have been provided with instructions at your signing to allow us to assist you in changing your beneficiary designations so that those assets will flow in accordance with your Will. Contact us for assistance!
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ARE YOUR BANK ACCOUNTS SET UP THE WAY YOU WANT?
Q. How should my bank accounts be set up and titled?
A.Certain bank and brokerage accounts will transfer outside your Will. For instance, payable-on-death accounts (sometimes called "POD" accounts) will be distributed to the named beneficiary. Additionally, accounts set up by one or more persons as joint tenants with rights of survivorship will pass to the surviving account holder or holders.
Some banks allow you to set up what they call trust accounts even though there is no written trust agreement. These types of accounts will pass to a named beneficiary without going through probate as well. Not all joint accounts pass to the survivor. When joint accounts are set up as tenants in common, the portion of the account that was owned by the decedent passes under his or her Will. Contact us to determine if you should have rights of survivorship or a "POD" on your any of your financial accounts. It may be the most convenient way for a loved one to get access to funds before they are able to probate your Will.
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 WHY THE PEGASUS?
I recently had a client tell me that she chose our law firm because of the information on our website and the story of the pegasus in particular. The reason I chose the pegasus for my logo is deeply personal to me and my family, so I'd like to share that story with you: Why the Pegasus? |
