Q: My husband and I only have our home, bank accounts and retirement accounts. No minors, do we need a willl or a trust?
Our life insurance policies have beneficiaries as do our retirement accounts. We will name each other as agents/beneficiaries and another family member as a secondary agent.
A: It is always a good idea to have a will to ensure that your property passes as you wish rather than by state law. Additionally in your will you appoint a personal representative to handle the estate. Certain retirement accounts may be passed to the other spouse if you have a survivor benefit plan designation. Otherwise others may pass according to your designated beneficiary on the plan. Those will pass outside of the will. It sounds as though you have a fairly simple will however you will also likely want a secondary beneficiary if the other spouse is not available at the time the will may be implemented.
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