So, you signed your Will and Power of Attorney. Maybe, you have signed a Trust, as well. Good Job! Now, you are all set, right?

Well, not so fast. There is one more step – and it is really important.

Your Will is actually NOT the only way to designate a beneficiary. There are other ways. The Will only affects assets titled in your own name alone. But, your assets are often not titled in your name alone.

Your Will does not affect any asset that you own jointly with others. It also does not affect your retirement accounts or your life insurance. Your Will does not affect annuities. Those assets have their own beneficiary designation. And, just to make things extra complicated, Ohio also allows you to put a separate beneficiary designation on your home, bank accounts, stocks, bonds and cars.

The final step in finishing your estate plan is to look at the title to all of your assets – ALL OF THEM – to be sure it fits all together.

For example, if you plan to leave everything to your spouse, then be sure that your spouse is listed as a co-owner or a beneficiary on all your assets. Check the beneficiary designation on your retirement accounts and life insurance. Check your deed and car title.

On the other hand, maybe this is a second marriage for you and maybe you want to leave your assets half to your second spouse and half to your kids. Better check your life insurance or retirement accounts and be sure they are set up to payout in the same way.

And, look at your deed. Let’s say that your Will leaves half of your assets to your kids, but the house is titled in your name and the name of your second spouse. When you die, your kids are not going to get one-half of the house – and that could be a very big percentage of your estate.

How do you fix that? Well first, you sit down with your spouse and talk it over to be sure that you are on the same page. Then, for second marriages, maybe you put the house into a trust that gives your spouse the right to live in the house after you are gone. Then, when your spouse dies later, the house gets sold and half goes to your kids and half to your spouse’s kids.

Or, another idea is to leave the house to your second spouse and give your kids something else of equal value – like life insurance. That means that you fill out a beneficiary form that names your kids as the beneficiary of the insurance policy. That policy will then go to your kids no matter what your Will says.

Then, tell your spouse and your kids what you did and why. Tell your attorney, as well.

The bottom line here is that after you sign your Will, check the title to your assets to be sure that it all fits together as you wish. Only then, are you really finished.