Navigating Your Later Years For Dummies by Levine

Author:Levine
Language: eng
Format: epub
ISBN: 9781119481621
Publisher: Wiley
Published: 2018-09-05T00:00:00+00:00

Taking inventory of your assets

In considering a will (and for estate planning in general), start by making a list of assets to be distributed and indicating whether they are jointly held or have a designated beneficiary, including:

Liquid assets (things that can quickly be turned into cash), such as bank accounts (checking and savings), certificates of deposit, savings bonds, and money market funds.

Fixed assets, such as a home or other real estate.

Certificates of deposit that are payable to a named person on death.

Retirement accounts, such as 401(k) plans, IRAs, Keogh accounts, and pensions. These accounts should be included in the inventory whether or not they have a designated beneficiary. If there is no beneficiary, they go into the probate estate. If there is a designated beneficiary, they are not distributed by the will or the probate estate.

Stock or investment accounts.

Transfer-on-death stock accounts, which are payable to a named beneficiary.

Valuable personal items such as jewelry, antiques, and artwork (items with only sentimental value can be kept in a separate list).

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