August was Make A Will Month.  And now it’s September.  I hope you looked at your estate planning documents last month.  As you know, those documents include more than your will or trust.  All of those external accounts are not controlled by your will unless you have specifically stated on the beneficiary form for every account that the beneficiary is your estate.

Think about all the accounts you have:  checking, savings, brokerage, pension, investment, life insurance.  Your bank will have had you fill out a form when you opened the account saying who could access the account at your passing.  How many years ago was that?  Have you looked at it since?  It’s worth a trip to the bank to check it out.  You might find that the sister who passed away last year is named to inherit.  Many beneficiary forms can be accessed and updated online.

All of those accounts pass to the named beneficiary or beneficiaries at your passing.  It doesn’t matter what your will or trust says.  The beneficiary form rules.  In many ways that’s great.  It avoids probate.  Distribution of the fund can happen quickly, whereas it can take time to settle your estate.

Should you find that your beneficiary forms need updating, remember that a beneficiary doesn’t have to be a person.  It can be your church or the nonprofit you volunteer for.  You can also have more than one beneficiary.  The form will allow you to designate percentages for individuals and organizations.  For example, you could say to pay 10% to your church and 45% to each of your two children.

Your will is important.  That’s why August is Make A Will month.  There isn’t a beneficiary designation month, but maybe there should be.  Those documents are just as important in making sure your final wishes are followed.  Please take some time soon to look into those very important beneficiary designation forms.

Blessings,

Anne Green
Executive Director
602-798-8202