My name is Alex Fit. I am a web specialist with over 15 years of solid professional experience. My area of expertise includes everything from website development, maintenance and support to the effective website promotion and advertisement.
While you are responsible to take care of your family during your lifetime, it is your responsibility only to plan for them in case anything
By drafting a Last Will, many people think that it will control each and every asset. However, the fact is that there are many assets that are transferred by beneficiary designation. A beneficiary designation is said to be the competency to depute a person who will heir your asset after your death, in the form provided by the financial institution holding that asset. Such assets include life insurance, annuities, and retirement accounts, etc. Estate Planning- While designating an inheritor provides you with the easiest way to be assured regarding the transfer of your assets easily and directly to your loved ones, it can also prove to be problematic as well. You must ensure that you have your beneficiaries nominated as
While we plan our estate, we think planning for our belongings and properties, however, there are some accounts whose distribution is decided according to the beneficiary designated in their documents and are not overpowered by a will. Yes, we are talking about accounts like transfer on death, saving accounts, insurance policies, retirement accounts, etc. In this article, we will be discussing the funds held in the 401(k) plan and naming their beneficiaries. Estate Planning- A 401(k) plan is a defined contribution retirement saving account offered to the employees by the employers in which the employees can contribute a portion of their salary on a tax deferred basis. Employer can also match the employee’s contribution in the plan up to a
Estate planning is the process of passing on your belongings to your heirs after your demise in order to safeguard your assets along with your loved ones while avoiding any kind of complications. While most people think that estate planning is meant for the wealthy and older folks only, however, the fact is that it is meant for everyone irrespective of their age or wealth as everyone wants their family to be secured during your life and even after that. Estate Planning- In order to secure your estate, some basic documents of estate planning are required such as a last will, a healthcare proxy, a power of attorney and a living will. A will is required to specify the distribution