Heads Up: Those Beneficiary Designation Forms for Life Insurance and Retirement Accounts Can Make a BIG Difference!

Heads Up: Those Beneficiary Designation Forms for Life Insurance and Retirement Accounts Can Make a BIG Difference! | Tom Sciacca

{Read in 10 minutes} A lot of people don’t realize that when they die, the distribution of their assets may be controlled by other documents besides their Will. Most commonly, people have life insurance or retirement accounts that they’ve either acquired themselves or through an employer. When acquiring such assets, clients very often are presented with a beneficiary designation form to complete. Unlike assets that do not name a beneficiary and are subject to Probate, any asset that names a beneficiary passes automatically to that named beneficiary, regardless of the terms of the Will. Therefore, it’s really important to make the proper choices as part of your overall estate planning when completing these forms.

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