IRAs-If you have an IRA account, that account allows you to specify your beneficiaries. Even if you make a will, it will not impact your IRA. Whoever you have named as beneficiary on your IRA will receive those funds regardless of whether you have a will or not or even if you have differing information in your will. Whoever is named in your IRA is the beneficiary will inherit your IRA funds.

401ks-If you have a 401k account or any type of retirement plan through your employer, that account allows you to specify your beneficiaries. Even if you do have, a will it will not impact your employer retirement plan. Whoever you have named as beneficiary on your plan will receive those funds regardless of whether you have a will or not or even if you have differing information in your will. Whoever is named in your plan document is the beneficiary that will inherit your employer retirement plan account.

Annuities-If you have an annuity, that contract allows you to specify your beneficiaries. Even if you do have, a will it will not impact who inherits your annuity. Whoever you have named as beneficiary on your annuity will receive those funds regardless of whether you have a will or not or even if you have differing information in your will. Whoever is named in annuity is the beneficiary that will inherit your annuity balance.

Bank accounts– all bank accounts permit you to specify a pay on death beneficiary. Specifying the beneficiary is optional. Therefore, if you have not specified a beneficiary and die without a will, your states rules will determine who inherits your bank accounts. However, if you die with the will then the instructions in your will be followed. But make things easy on yourself. Just specify one or more pay-on-death beneficiaries on your bank accounts and you don’t need a will nor will any provision you have in your will apply as the pay-on-death provision will have priority.

So if you don’t have any other assets than those named above, you don’t need a will. do I need a will if I have securities or real estate?

In a handful of states, there are rules similar to the pay-on-death provision that apply to real estate and securities. If these transfer-on-death rules apply in your state then even if you own securities or real estate, you won’t need a will to pass assets directly to your named beneficiaries.

why do I need a will? As you see, in many cases you do not. However, it can never hurt to have one!

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