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