All bank accounts differ. In the event of your death, the money held in your checking or savings account may not always go to your beneficiaries. It is always a good idea to check that bank’s policy on how funds are handled when a person dies.
Only the assets in your possession can only be handed to inheritors and beneficiaries. The only items that are typically included in a last will and testament are the items that do not already have a separate agreement.
Here is an example: If you receive life insurance as a benefit at your place of employment, you may have been asked to provide the names of beneficiaries as well as what percentage you would like them to receive. This is called, “beneficiary designation.” Many banks ask you to provide beneficiary designations when you apply for an account. Always double check that the individuals listed are the ones whom you would like to receive the funds. You can always change the recipients at your discretion.
Should I Have a Will?
Having a provision in your will about your bank accounts may not be a bad idea. While there has always been a longstanding belief that wills are reserved for the wealthy and powerful, the truth is that wills help you plan for bumps in the road. It ensures that your children and future generations retain the assets you do have and is a wise move to make, regardless of how much money one makes.
If you wish to ensure your estate is adequately protected and that your assets are distributed exactly to your wishes, we urge you to contact us right away. Our estate planning attorneys serve clients throughout Montgomery County and in The Woodlands. We have impressive credentials, a longstanding history of client success and satisfaction, and a results-driven approach to helping our clients.
To speak with us, schedule a free consultation by calling (281) 410-2792.