No matter what your will says, your assets are going to go to the listed beneficiaries on your IRA or other retirement plans, your insurance policy, even a checking or brokerage account. One benefit may be that those assets do not have to go through probate. But don't forget those accounts when you write your will.

Who are your beneficiaries? They can be individuals, trusts, even charities. When leaving assets to a minor child, it's usually wisest to set up a trust to manage the money; otherwise a bonded guardian must report to the court each year. A trust also offers some control over the disposition of the assets after your death.

Naming a spouse as beneficiary of a retirement account means the assets can be rolled over into an IRA. But be sure to name someone or the assets may go into your estate, taxable much sooner.

Important, keep beneficiaries named specifically. A policy left to "my wife" years ago might go today to an "ex" less beloved.

Let us help you keep control of your assets and trim taxes where possible. Talk to the tax and finance people at G M Hietpas CPA, LLC.