Q. My spouse recently died. Of my important
assets, which beneficiary designations need to be updated, and how
do I go about doing this?
A. Many of your assets will be distributed at
your death according to various title, beneficiary and contractual
provisions associated with each one. Most likely, ownership of any
real estate and bank accounts you held jointly with your spouse was
automatically transferred to you as the survivor. You will now need
to choose an individual or charitable organization such as St.
John's University to inherit them at your death.
Life insurance and retirement plans go to the beneficiary you
designate on the form. Trust agreements and business contracts name
the beneficiary within the legal document. In nine states, one-half
of community property belongs to the surviving spouse.
As your circumstances change, so should your beneficiary
designations. Unless done cautiously, altering title and
beneficiary arrangements may have undesirable legal or tax results.
It's best to seek the help of an estate planning attorney. We are
also available to guide you in the right direction.
Please call Susan Damiani at (718) 990-7562, or e-mail damianis@stjohns.edu, for
more information.
| How to Change Beneficiaries |
|---|
Submit new beneficiary
designation forms:
- retirement plans
- life insurance
| Sign new account forms (if
held jointly, both parties must sign):
- bank accounts
- brokerage accounts
| Contact an attorney:
- trusts • real estate
- business contracts
|