Assets such as life insurance, pensions, IRA’s, and 401k plans generally do not pass under your Will. Therefore, it’s important to know what your beneficiary designations are for these assets. Even if you have a Will, these items are independent of your Will and are required to be passed on to a beneficiary. If no beneficiary is specified, the payment is required to be made to the estate. Once the asset is designated to the estate a probate situation arises, which can often be complicated and costly for your heirs. Attorney Lisa Hill discusses assets not covered in your Will in this interview on KDUZ 1260 AM’s show “Legal Update.”
Lisa Hill is an attorney with Melchert Hubert Sjodin at the Hutchinson, Minnesota office. Lisa’s extensive legal experience includes estate planning, civil litigation, family law, real estate, and business law. To discuss your specific situation, contact our estate planning team at Melchert Hubert Sjodin at 320.587.2046.