Your Will Cannot Leave Your Assets to the Person You Intended
Even if you are short on money, it is important to have a will. But especially if you have any assets, you will want to compare the recipients of your will with those listed in your financial accounts. When you cross over, your money may not go to the person you wanted.
When you make a will , you specify your beneficiary: the person to whom you want to leave your money and assets in case of death.
Most of us believe that this is the end – whatever we leave behind will automatically go to this person. But as Forbes notes, this is a common myth. The beneficiaries you have listed in your personal accounts are actually superior to those you have listed. As Forbes writes:
That way, if A’s heir is listed in your will and B’s heir is in your IRA, B’s heir will be able to claim the IRA funds.
You may have the same person listed in both your account and your will, or you may have intentionally different beneficiaries. In this case, everything is in order. But this should be borne in mind, especially if you have financial accounts that were opened a long time ago and your beneficiary has changed.
9 Myths About Dangerous Money (In Which Too Many Believe) | Forbes