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June 2014 Archives

Update wills and beneficiary designations for your assets

You work hard to put away money in your individual retirement account. If there are still funds remaining in that fund when you pass away, the person designated as your beneficiary will have access to the funds. It is important that you choose someone who is financially responsible as the beneficiary because all your hard work saving money will be for nothing if the beneficiary files for bankruptcy after inheriting the IRA. You should also remember that beneficiary designations on IRAs trump any instructions left in your will.

Guardianship: A useful tool when used properly

Guardianships are a touchy subject for some people; however, everyone should understand some basics about guardianships just in case you ever have to use one to help keep a member of your family safe. Knowing some of the basics might make it easier for you to go through the process if it becomes necessary.

Beneficiaries of trusts have the right to protect the trust

When a person finds out that they are a beneficiary of a trust, a lot of questions might come to mind. Understanding your rights if you have been named as a trust beneficiary can help you to ensure that the trust is operating in a manner that will continue to provide you with the intended benefits. Michigan residents might be interested to learn what rights beneficiaries of trusts have.

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