ST. CROIX INSIGHTS

Your Will Isn’t Good Enough

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

Death and taxes are inevitable.  Subscribe to our blog for information on these timely topics. We provide tips to ensure you’re as prepared as possible. St. Croix Advisors is here to simplify your finances and in turn, your life.

Some (or even a majority) of your assets could be distributed against your wishes as outlined in your will.

Examples are:

  • Your 401(k) assets will transfer to your spouse, regardless of your intentions in your will, if you’re married.
  • Your spouse becomes the sole beneficiary to your 401(k) if you name them as the beneficiary regardless of when the account was established. Check to see who is the beneficiary of your retirement accounts.
  • If it is not your intention to leave your money to your spouse, I’d like to be a fly on the wall while you’re having that conversation. Spouses generally sign an acknowledgment on your 401k account.
  • Make sure that your beneficiary designation remains current. Filling out a quick form is all it takes.
  • Once you’re married, it’s time to update the beneficiary information.
  • Spell out your IRA beneficiaries separately, just as with your 401(k) plan. Claims go to the individual(s) you set forth on your beneficiary designation form.
  • Name whomever you want as beneficiary on your IRA. Make sure your beneficiary designations match your intentions in your will and estate plan.
  • Again, if you’re not married or if your marital status changes, ensure that your beneficiary designation remains current.

You worked hard for your money. Make sure it works hard for you.

Talk to your advisor(s) and attorney(s) as you create your estate plan. Contact us for further information.

Also, sign up for our eNewsletter blog that includes timely financial matters, news, and planning strategies that you can implement today.

Ask yourself- can my portfolio support my lifestyle in my retirement? 

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