What is the significance of beneficiary designations in retirement plans, insurance policies and financial accounts?
Coordinating the beneficiary designations for your various assets with your estate planning documents and correctly titling your financial accounts are very important. Failure to do this could void many of the desires you might express for the disposition of your property and conflict with what you want to happen. Some assets are not controlled by your Will, but are subject to the beneficiary designations on record. These assets include retirement plans and IRAs , life insurance policies, and financial accounts that are held in joint tenancy with right of survivorship. Examples of financial accounts that might be held in joint tenancy with right of survivorship are bank accounts, certificates of deposit, money market accounts and stock brokerage accounts. These matters can easily become overwhelming. Failure to properly coordinate your beneficiary designations can result in unanticipated death taxes at your death as well as property passing in a way other than as you intend and as prov
Coordinating the beneficiary designations for your various assets with your estate planning documents and correctly titling your financial accounts are very important. Failure to do this could void many of the desires you might express for the disposition of your property and conflict with what you want to happen. Some assets are not controlled by your wWill, but are subject to the beneficiary designations on record. These assets include retirement plans and IRAs s, life insurance policies, and financial accounts that are held in joint tenancy with right of survivorship. Examples of financial accounts that might be held in joint tenancy with right of survivorship are bank accounts, certificates of deposit, money market accounts and stock brokerage accounts. These matters can easily become overwhelming. Failure to properly coordinate your beneficiary designations can result in unanticipated death taxes at your death as well as property passing in a way other than as you intend and as pr
