Are retirement accounts considered part of an estate?
Are retirement accounts considered part of an estate?
You should know that retirement accounts are part of your estate if you leave them to your spouse. In most states, your spouse will be entitled to your assets if you have not named someone else to receive them. However, you can protect your retirement accounts from probate by naming your spouse as the primary beneficiary. It is recommended that you name a primary and alternate beneficiary for your accounts. You should review your beneficiary designations each year and whenever you make a major life change.
If you die without leaving a beneficiary, then your retirement account will go through probate. If the beneficiary is not able to manage the funds, then the court will appoint a guardian to handle all financial matters and oversee your funds, in order to prevent mismanagement. Choosing to name your spouse or adult child as beneficiary will help you avoid probate. If you leave your retirement account to a minor child, probate will kick in.
If you have any questions or need an Asset Protection Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
