Tuesday, February 18, 2014

More Urgent Business for Dan

Dan is taking care of his daughter, Ann, after his beloved Abby’s death in a car crash.  Last week, we wrote about Dan working to protect Ann’s future if he were also to pass away unexpectedly.  First, he named a person to take care of Ann until age 18 or high school graduation and someone to manage her money to the age of 24 in a contingent trust in his Will. 

But a good estate plan involves more than just an effective will.  Only “probate assets” would go into the trust via Dan’s will.  Probate usually would not include his life insurance payout or 401k plan, because those are paid out according to specific beneficiary designations. 

To make his will-based estate plan work, he needs to make adjustments to his beneficiary designations.  After all, right now they still name Abby as his beneficiary, and she obviously will not be able to inherit them from the grave. 

Dan decides to name the contingent trust for Ann to be created under his will as the new beneficiary of his 401k and life insurance.  He will name Ann herself as his alternate beneficiary, in case she is already 24 years old at the time of his death.

To do this, he must obtain, complete and turn in the paperwork required by each life insurance company and his employer for his 401k plan.Surviving spouses need to take immediate action to protect their family in the event of another unexpected death by doing estate planning.  For help with your own estate plan, call our office at (815) 436-1996 for an appointment.

© 2014 Gruber Law Office

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