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The majority of the assets left behind—houses, vehicles, money, personal property, retirement accounts Because the probate process can take a considerable amount of time, it is also the executor’s job to

By being proactive early on, a woman can set up her 401k and other accounts to make sure she realizes

All transactions need to be accounted for by maintaining a record of receipts and other documentation

This should include life insurance policies, wills, property deeds, car titles, and bank account and However, the kids were young, and the money went into a court-controlled account that she couldn’t get There will be all kinds of headaches if you can’t access a bank account because your spouse had a special Spouses should make a list of passwords for all online accounts. This includes 401(k)s, investments, bank accounts, and social media.

Just adding a spouse’s name to an account doesn’t make the account joint for tax purposes. Adding a spouse as a joint owner on most assets – like bank accounts, investment accounts or real estate

But some assets don’t get this step-up in basis—like retirement accounts. Other than qualified accounts, there’s not much difference between hard and virtual assets when it comes you should consider the tax implications when planning the transfer of assets in your 401(k) and IRA accounts

The beneficiary designations on your retirement and brokerage accounts, and the life insurance policies Review beneficiary designations regularly to be sure the money in your accounts or the death benefit

will and trusts; Insurance policies; The most recent credit card and mortgage statements; Investment account if applicable) divorce certificates of the spouse and children of the deceased; Checking and savings account With these documents and information at the ready, notify these institutions of the death to close out accounts institutions; Service providers; and Any charities that automatically withdraw a donation from a checking account

“You can leave an unlimited amount to a charity,” says fosters.com’s article “Giving to charity an option For instance, checking or savings account funds, as well as stocks owned by the individual who wants In our example of money in a bank account, forms must be completed at the bank to designate the charity

from your traditional IRAs, 401(k)s and other tax-deferred plans or face a hefty penalty of 50% of the amount The IRS describes a required minimum distribution or “RMD” as the minimum amount you must withdraw from your account each year. You typically must begin taking withdrawals from your IRA, SEP IRA, SIMPLE IRA or retirement plan account

as a completed authorization to release any medical information, divorce papers, and escrow mortgage accounts ; Individual and group retirement accounts, including 401(k) accounts, pension documents, annuity contracts information; Vehicle titles; Estate planning documents; and Usernames and websites for your online accounts

You should have an emergency savings account in the bank, and if you’re a single income household, maintain adoption of a child is a perfect opportunity to review beneficiary information on insurance policies, bank accounts