Often times I get asked whether or not it is a good idea to put particular people in a will. This can be sons and daughters or nieces and nephews or even good friends.
If you are going to name them as beneficiaries and your will to receive some part of your estate, it is important that you know about their life.
By this, I mean it is important for you to know whether or not they have issues with the Internal Revenue Service or, whether they have issues with failed businesses, or, creditors for example.
This is important because it can affect your estate. It can affect whether or not part of your state is seized to satisfy any liens or judgements that they may have against them after your death.
You also need to think about this, when you need people on your bank accounts or 401 K retirement plans, etc. If those people are not good at handling money, or have filed bankruptcy recently, or have issues such as those discussed above, it may create issues for your estate that neither you nor the rest of your beneficiaries ever intended to deal with.
An example would be if you put your son as a joint account holder on your bank account. Say your son has issues with the IRS due to a failed business venture. The IRS may see his name and social security number on your bank account and effectively take those funds.
Be aware and protect your estate and your legacy!
For assistance with protecting your estate, contact 251-943-4870.
