Retirement Fund in Living Will?
My husband and I recently drew up our Living Will. Although we are young (both in our 30's), we want to be sure we have all of our ducks in a row should something happen to us. We've used Quicken WillMaker Plus, yet saw there was no section to list retirement funds. I have an AIG VALIC fund, and was wondering if this will automatically get distributed to my beneficiaries? In one section of the will, it states that my executor has the right to "convert bonds, stocks, notes, and other securites into other bonds, stocks, notes and securites and to exercise all rights and priviledges of a person owning similar property". I'm hoping this means the money that I have in that fund (not much, only about $19,000 at this point) will be given to my beneficiaries, and not taken back by the state or the retirement plan itself. Any thoughts or opinions on this?
Public Comments
- I'm confused. A living will is for medical care decisions. As far as a regular will goes, it has no place for your retirement fund because your retirement fund goes to the beneficiaries you have set up in the fund itself. Check with AIG and they can tell you what you have set up and how to change it if you want.
