Contract Assets and Your Will
Most of what the average working family "has" today are contract assets. What are contract assets? Your life insurance, 401k plan, pension, and IRA are all examples of contract assets. Upon your death, they are paid and distributed according to the terms of the contract, which includes some type of beneficiary election form. Remember filling those out when you started your job, established your IRA, and applied for life insurance? The terms of your will do not control the di