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Make this Estate Planning Move Right Now: Check your Beneficiary Designations

Market Watch recently had an interesting article listing six “”Horror Stories” about beneficiary designations. Often overlooked in estate planning, beneficiary designations can be an extremely important planning tool- or a “Horror Story.” The article can be found HERE.

We recommend that all designations be reviewed with your estate planning attorney. This includes IRAs, 401(k)s, 403(b)s, brokerage accounts, life insurance policies, annuities and bank accounts.  An integrated estate plan takes into account all  of these types of accounts as well as the designations in wills and trusts. I have reviewed more than one estate plan where a very significant asset did not have the proper designation and this one mistake crashed the estate plan. On the other hand, properly done, beneficiary designations can avoid probate as well.

Did you know that there are tax advantages to naming your spouse as the primary beneficiary of your IRA or 401(k)? Did you know that naming your Revocable Trust as the beneficiary could provide much needed asset protection for your children or grandchildren? Are you aware that there is such a thing as an IRA beneficiary Trust? Call us to learn more about beneficiary designations 603-249-5925

About the Author

Dwight Sowerby