Give More Than Chocolates This Valentine’s Day

Valentine’s Day is right around the corner, and while you might want to show your affection with a box of chocolates or greeting card, the best way to take care of those you love is to review your estate plans. 

If you do not have a will, brush up on your state’s intestate succession statutes.  If you do have a will, review and update it this month.  In either case, one of the truly important aspects to understand is that contractual arrangements take priority over wills. 

Contractual arrangements that you may want to review this month include life insurance and annuity policies; retirement accounts; employee benefit plans; revocable and irrevocable trusts; payable on death accounts, certificates of deposit, savings bonds; and transfer on death designations for stocks, bonds and mutual fund accounts.  Make sure that your intentions for how, and to whom, you want to leave money and property are in accordance with how you have your accounts and property titled.  How your will is written will be secondary to these contractual arrangements. 

Since it is also Valentine’s Day, think about writing a love letter to accompany your will, funeral file or estate plans.  Not only is it nice for beneficiaries to have your assets, but also a reminder of your affection for them. 

See Jane Wolery, A Box of Chocolates and a Will: Valentine’s Is a Great Time To Review Estate Planning, Fairfield Sun Times, Feb. 9, 2015.   

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.