Page 16 - Ultimate Guide to Estate Planning

children inherit equally;

7. if you do not have a living spouse,
children, grandchildren, parents, or
siblings, then the law will try to dispose
of the assets to cousins and nephews and

nieces.

Let’s work through an example. Steve and Sally
were married for 15 years. Steve was previously
married and had children with his prior

spouse. Sally was also married and had one
child, now 17, with her prior spouse. Steve
passes away naming Sally the beneficiary of his
$1 million 401(k) account and his life

insurance policy of $1 million, having Sally as
joint tenant on their home worth $500,000 and
joint bank accounts with $100,000 in cash.
Steve also had $150,000 in a securities
account and has personal property, some of
which has high sentimental value, i.e. family

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