Have you written a will? Its contents may not matter when it comes to many of your assets. A jointly owned house or bank account will automatically pass to an heir; the joint title also includes an automatic right of survivorship. Also, accounts such as 401(k)s, IRAs and life insurance policies include beneficiary designations, which when correctly completed will also take the place of designations in a will.
That means you need to keep those documents up to date. If beneficiary designations don’t reflect changes in your family, the wrong person will inherit assets, regardless of what your will may say. Perhaps you specifically named your children as beneficiaries on your life insurance policy, then had another child. Without an updated beneficiary form, your youngest will not receive any share of the life insurance. Also, if beneficiary forms are not updated after a divorce, an ex-spouse can receive the proceeds from life insurance or an IRA.
This is one of the reasons why we have created MyPatrimony.com so you can keep your last will and testament up to date, not just your estate but your beneficiaries. By updating your estate regularly you will avoid these rules affect you nor your legatees.
Probate practitioners who have been unfortunate enough to experience a claim on an estate from an entitled person will know how much of a problem this can be, especially if the claim surfaces after distribution has already taken place. If no indemnity insurance policy was put in place prior to distribution the consequences could be calamitous.
From MyPatrimony.com we try to solve these kind of issues by promoting this service where all heirs/heiress (or those the legator wants to) will be informed at his/her death of all the issues individually.
Seventeen months after Lord Glenconner died in his arms and made him an unlikely millionaire, the eccentric aristocrat’s Man Friday, Kent Adonai, is busy fulfilling his lordship’s last project on St Lucia.
Read more: http://www.dailymail.co.uk/news/article-2084497/Glenconner-heir-fulfils-final-legacy.html#ixzz1jYjg5Dvl