Avoiding Potential Pitfalls with Beneficiary Designation Assets

Beneficiary designation assets or accounts, like other estate planning tools, should be used in conjunction with other aspects of your estate plan. When estate plans are properly drafted and prepared by a lawyer, there’s less room for mistakes. However, there are occasions where simple mistakes or oversights can result in your estate plan being disrupted.

A few common mistakes include:

• Failing to name specific beneficiaries
• Failure to name contingent beneficiaries
• Designating a beneficiary that will become ineligible for benefits
• Failure to review your complete estate plan after important events
• Failure to ensure beneficiary designations are not in conflict

Learn more about protecting your finances with estate planning tools here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.

What is a beneficiary designation?

A beneficiary designation is an agreement between your estate and a financial institution to pay specific assets upon your death to a named trust or individual. For example, your life insurance policy may have your spouse or child named to receive the payout when you pass away. Coordinating your beneficiary designations with your estate planning documents is essential to protect your beneficiaries from unnecessary risk. At Pear Sperling Eggan & Daniels, P.C., we can help you to make initial beneficiary designations or review and change past designations.

Learn more about protecting your finances with estate planning tools here.

Get Started Today: Schedule Your Consultation!

If you’re interested in learning more about estate planning, please contact estate planning attorneys in Ann Arbor at 734-665-4441.