Designating Your Beneficiary

For Thorough Estate Planning

The Importance of Beneficiary Designation

A beneficiary designation form clearly states whom you wish to receive benefits of a policy or accounts upon your death. It may be important to integrate beneficiary designations into your estate plan to include investment portfolio assets, as they do not automatically pass to your heirs through a Will or Trust.

Our estate planning attorneys “go the extra mile” in taking the time to discuss your wishes and concerns for your beneficiaries. We draft your estate plan to incorporate your best interests and the best interests of your heirs. Beneficiary designations must remain current and up-to-date to reduce potential problems with probate, estate taxes, and inheritance taxes. We help you avoid common mistakes in beneficiary designation including:

• Unintentionally disinheriting your children or grandchildren
• Naming children by name, and unintentionally eliminating future unborn children or grandchildren
• Naming minor children directly without putting the assets in trust
• Naming individuals whose financial choices concern you instead of putting the assets in trust
• Not changing a primary beneficiary who enters a nursing home, becomes disabled, or dies
• Not changing your ex-spouse as primary beneficiary after a divorce
• Unintentionally causing your spouse unnecessary IRA tax consequences

The safest approach in protecting your heirs and your legacy is to consult with an estate planning attorney.  You can get started with our Estate Planning Questionnaire.