CGTC Blog

What might surprise you about your will.

What might surprise you about your will.
Most people have a general understanding of what a will is: a way to designate who will get which of your assets when you die. Many think the will is the principal governing document in your estate plan, but that’s not entirely true. Many assets don’t fall under a will or probate, and without considering those things, even the best will can be almost meaningless. Most people have accumulated real estate, have life insurance, have mutual funds (as part of or separate from a 401k or IRA), bank accounts, real estate, and other assets. In most or all of these cases, when you purchase the asset or sign a life insurance contract, you’re asked to designate a beneficiary, and sometimes a contingent beneficiary. One of the biggest estate-planning mistakes people make is not reviewing these other financial instruments and aligning the beneficiaries they have designated with their total financial plan, or...
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