![]() One of the most common mistakes to make is when a person gets divorced and remarried yet neglects to change the beneficiary from their old spouse.īe sure to take advantage of transfer-upon-death designations for available accounts, policies, and deeded properties. Remember to revisit your beneficiary lists often, especially as your life situation changes. Designate secondary and higher beneficiaries as a contingency.Review retirement account beneficiaries, including IRAs and 401ks from old jobs.Review life insurance beneficiaries, including death benefits and annuities.It can also include certain bank accounts, property deeds, and other such holdings. This includes all retirement accounts and life insurance policies. Many of your current accounts and assets will already have someone listed as a primary beneficiary. Any debt that has left a home lien or business lien.Outstanding balances for healthcare, etc.Make sure to include the following in your list of debts: Note that the only way to avoid giving creditors access to your estate is to form an irrevocable living trust, which essentially removes assets from your estate and places them in the care of a trustee on behalf of your beneficiaries. Only once these debts are paid will they be able to distribute assets to your family and loved ones. Your personal representative will be obligated to use your estate’s holdings to pay of any and all creditors with a valid claim. ![]()
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