One can use a Last Will & Testament to indicate or confirm how your own personal property including life insurance policies, 401K, and other investment policies can and should be distributed at the time of death. However, the beneficiary forms with any life insurance company, 401K, or other investment company usually becomes the controlling form on how your funds are distributed and to whom it is distributed. Very rarely do investment companies confirm how proceeds are to be distributed pursuant to the will. Instead, the investment company relies solely and oftentimes exclusively on the beneficiary form that is on file with them. Therefore, it is always a good idea and good practice, when considering any estate planning, to periodically check and update your beneficiary forms with any and all investment type companies including your 401K to ensure that proceeds are distributed according to your will and your preference.
Please Note: Postings to “Q news” should not be seen as final recommendations or legal advice in every scenario. For further information on your particular estate planning needs, please contact the office to schedule an appointment.