“Who gets paid first my beneficiaries or my heirs?”
You might be shocked to find out your will could end up not worth the paper it’s printed on. You might be more shocked to find out who really gets your estate assets.
Legally, named beneficiaries (of life insurance policies, 401(k)s, annuities, IRAs, etc.) are paid first and then your will kicks in. Your will might specify that Aunt Susan receive $100,000.00, but if all your assets have beneficiaries named – they will get the money and Aunt Susan will get an empty envelope.
Using correct and appropriate beneficiary designations is a critically important part of an effective estate plan. Not sure, where you are? Call us. We’ll be glad to help.
If you have questions or comments, please send them to Gene@AskMtM.com