Bohemia, NY (PRWEB) March 04, 2013
On March 4, Diapoules & Feinstein CPAs P.C. offer a statement in response to an article that discusses the entitlements of a spouse as a beneficiary without a plan in place.
According to the The Times of NorthWest Indiana, a popular misconception is that at the time of one's death, all assets will automatically be passed on to the spouse – but this is not necessarily guaranteed. The article reports that, without a plan, a spouse may not be the beneficiary of all the assets that the deceased intended. In the case that assets are owned solely by the deceased, the transfer of assets could result in a complicated state of affairs if a will is not in place to guide the transaction.
In some cases a surviving spouse may have to share the assets of the deceased with children or other parties. “If you own everything jointly with your wife or she is named as beneficiary on all of your accounts, then it is likely that she will get everything in the event of your death. Let's face it, a lot of married people arrange their assets this way. Jointly owned assets or assets with beneficiary designations transfer outside of probate so the will would likely not even come into play. However, this may not be the case if you own assets in your name alone or you fail to make an appropriate beneficiary designation. Remember, if you fail to leave a will, [officials] will supply you with one in the form of the intestate statutes and there, my friend, is the problem.”
The article defines an intestate statute as a provision that would split assets between the surviving spouse and children, by allotting the spouse half while the remainder is split among the children. In other circumstances, the surviving spouse may receive even less than half.
Regardless of which spouse dies, the article asserts that the procedure will essentially work the same way. Either surviving husband or wife is subject to uncertainty without the execution of a will to guide asset inheritance.
Jim Diapoules of the Long Island CPA firm, Diapoules & Feinstein CPAs P.C. offers a statement with respect to estate planning. “The death of a family member is not a topic most people are readily willing to discuss. However, it is important for each spouse to make arrangements in the event of their death. It is too easy to be cheated out of assets that a surviving spouse believes that they should have claim to. It would be such a shame to be devastated my the loss of a loved one and then find out that their legacy was not properly protected.”]
Diapoules and Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.