Make Sure Your Plan Beneficiary Choices Are Up to Date
Many people periodically update their wills or other estate plans, but don't update who will receive distributions from their...
Read moreMany types of property and investments pass outside of probate and allow you to designate who will receive them after your death. It is important that these designations are kept up to date and are consistent with the rest of your estate plan.
When you open up an investment account or retirement plan or buy life insurance, the company encourages you to name beneficiaries who will inherit the property on your death. The choice you made at the time may not have taken your estate plan into consideration. To review your beneficiaries, get a copy of all of your beneficiary designation forms. Check to make sure that your beneficiaries are consistent with the rest of your estate plan or, if they are different, that the difference is intentional. If you made these designations online, print a copy of the page so that you also have a paper record. Once you have collected all of these forms, put them in a folder with your other estate-planning documents so that you and your heirs can quickly and easily find them in the future.
Local Elder Law Attorneys in Your City
In determining how to make your beneficiary designations, the following are the considerations for each type of account:
To make sure that your beneficiary designations align with your estate plan and are as beneficial to your intended heirs as possible, talk to your attorney. To find one near you, go here: https://www.elderlawanswers.com/elder-law-attorneys.
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