Do you know how your assets are titled? Whether you consider it a matter of spring cleaning or March Madness, reviewing how your assets are titled is important.
Review Beneficiary Designation Forms
One of the primary ways that assets are transferred in our society is according to a beneficiary designation. For example, if you have an IRA, 401k, or life insurance policy, then it is likely that the beneficiary named on a beneficiary designation form will receive the proceeds upon your death. You should carefully review your beneficiary designations to confirm that they reflect your wishes.
Funding a Revocable Trust
If you have created a revocable trust, then you should discuss with your attorney how to appropriately fund your revocable trust. If a trust is unfunded, then it may not meet your estate planning goals.
Keep a Written List
After you have gone to the effort of reviewing how your assets are titled, you should keep a written list of your assets and how they are titled. If possible, you should also keep documentation evidencing ownership with your asset list in a safe location.
If you have any questions regarding the titling of your assets, please contact an attorney with Hillyard, Anderson, & Olsen, PC at 435.752.2610.