If your beneficiary designations are out of date and you die without updating those designations, your assets could go the wrong people–a former spouse, for example–no matter what your will says.
For most families, the estate planning process is more involved than simply naming beneficiaries. While the primary goal of estate planning is transferring assets in an orderly and tax-efficient manner, it’s just as important to focus on preserving wealth across generations.
Being disinherited or left out of a will is the last thing you want to discover in the wake of losing a loved one. Although it can be very hurtful to not be included, the fact that a person is disinherited does not necessarily indicate foul play.
When considering whether to contest a decedent’s Last Will and Testament, an individual should consider whether red flags might be present which may point to a successful basis to challenge a disputed Will.
Your dad bequeathed you a generous sum of money on his passing. Those gifted and inherited assets, in many instances, will be considered ‘separate property,’ not marital property. That might mean that they might not be subject to division, if you divorce. However, perhaps you want to backstop that hoped for result to make the protection more likely to stick if your marriage doesn’t work out.
Do you have a second home, summer property, or another vacation residence that your family enjoys? Have you thought about what happens to this property when you die?