We’ve been asked a few questions regarding what happens to those portions of your estate that aren’t treated consistently with what you say in your will.
Many people assume wills and trusts are the pillars of a perfect estate plan. However, asset titling–the way you own an asset–is just as critical. Conflict instructions can create unintended consequences for your heirs, and results that may not be the ones you wanted.
If you state in your will that you want your home to be given to, for example, your children from a previous marriage, but the property is titled with your current spouse with the rights of survivorship, that spouse will take ownership of the property regardless of the instructions in your will.
If you’d like to review how you’ve titled your retirement savings accounts, contact us. We can help you get the information you need to hopefully ensure what you outlined in your will happens. We’re always here to help.