Wills
Do you need a will?
Yes you do, and here's why: A will is a legal document that directs the disposition of assets after your death. Without a will, you would be leaving all decisions concerning your assets to the discretion of the laws of the state having jurisdiction over your estate. This can be both emotionally and physically draining for your heirs.
Are your beneficiary designations updated?
Not all assets are distributed by a Will. Whatever your Will says certain types of assets are passed on to the beneficiary listed on the account, like employer-sponsored retirement plans, annuities and life insurance. So it's critical to keep your beneficiary designations current. Imagine your youngest child not inheriting any of your 401(k) savings simply because you never added him/her as a beneficiary. Take the time now to check your designations and adjust as needed.
The information provided is not written or intended as specific tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel.