Are Your Accounts Titled Properly?

You might be surprised how often we see this. 

Someone has done a great job saving and investing, but their accounts aren’t set up the right way. 

And that can cause big headaches for their family later.

Here’s the big one. 

Your will doesn’t control your IRA, 401(k), annuity, or life insurance. 

Those go to whoever is named on the beneficiary form. 

So if your ex is still listed, guess who gets the money? 

It happens more than you’d think.

If you have a living trust, your accounts need to be titled in the name of the trust. 

A trust only works for what’s put into it. 

Anything left out could end up in probate, which here in California can drag on for a year or more and get pricey.

Married? 

How you own things together matters too. 

In California, the right wording on a joint account can save the surviving spouse a lot in taxes down the road. 

It’s a small detail that can make a big difference.

The good news is all of this is easy to fix. 

A quick review is a good idea after a marriage, divorce, death in the family, or new grandchild. 

And don’t forget that old 401(k) from a past job.