Greg Turza 1-3-18

Greg spoke about the circumstances where individuals could inherit even if not specifically mentioned in wills.

1) Spouses can claim up to 1/2 of assets (1/3 if there are children) even if there is no mention of them in the will. This does not apply in IL to living trusts if they are funded. If not funded then the assets go into a pour-over will which can be contested.

2) Spouses also get 1/2 of 401k and 403b plans regardless of stated beneficiaries unless there is an official spousal waiver included.

3) Joint checking and investment accounts put in both the parent and child’s name may go to the child on the parent’s death instead of beneficiaries unless the assets are put into a trust before the parent dies.

Give Greg a call if you have any questions about your estate distributions.

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