Last week I met with a Mandeville client mourning the recent loss of her husband. The husband wrote a will leaving everything to his wife. However, the will does not cover his IRA, one of the largest assets in his estate. Instead beneficiary designations govern the disposition of IRAs . When one fails to monitor and update the beneficiary designation, absurd outcomes can occur. In this case, the husband’s ex-girlfriend remained listed as the 100% beneficiary for the IRA! Unless we can convince the ex-girlfriend to do the right thing and disclaim the IRA, the account will pass to her.
Don’t let this type of mistake haunt your family! If you are unsure which assets are and are not covered by your will, we can guide you through a comprehensive Louisiana Estate Planning strategy. Call Legacy Law Center at (504) 274-1980 in Metairie, New Orleans, and surrounding areas or call (985) 246-3020 in Mandeville, Covington, Slidell, Houma , and Thibodaux.