Don't Let Your Estate Plan Be Undone: The Critical Role of Beneficiary Designations

You’ve taken the important step of creating an estate plan—a comprehensive set of documents designed to protect your loved ones and ensure your wishes are carried out. You have a will, a trust, and powers of attorney in place. You feel confident that your assets will be distributed exactly as you intend.

But what if a single, often-overlooked detail could override all your careful planning? This is the power of a beneficiary designation. While your will or trust is a cornerstone of your estate plan, many of your most valuable assets, like retirement accounts and life insurance policies, are governed by a separate document entirely.

What Are Beneficiary Designations?

A beneficiary designation is a simple form you fill out with a financial institution or insurance company that names who will receive the assets in that specific account upon your death. Common examples of assets that use beneficiary designations include:

• Life Insurance Policies: The death benefit is paid directly to the named beneficiaries.

• Retirement Accounts: This includes 401(k)s, IRAs, 403(b)s, and pensions.

• Annuities: The remaining value is paid to the named beneficiaries.

• Bank Accounts: Many banks offer "payable-on-death" (POD) or "transfer-on-death" (TOD) options, which function as a beneficiary designation.

  
  

The "Superseding" Power of a Beneficiary Designation

Here’s the most crucial point: a beneficiary designation supersedes anything written in your will or trust. If your will states that your spouse should receive your entire estate, but your 401(k) still names your ex-spouse as the primary beneficiary, the financial institution is legally obligated to give the 401(k) funds to your ex-spouse. Your will is powerless to change this.

This is a common and costly mistake that can lead to unintended consequences, family disputes, and lengthy legal battles. Forgetting to update a beneficiary form after a major life event—such as a divorce, a new marriage, the birth of a child, or the death of a beneficiary—can completely derail your estate plan.

How to Ensure Your Beneficiary Designations Align with Your Estate Plan

To avoid these pitfalls, it's essential to integrate your beneficiary designations into your overall estate plan. Here are some steps to take:

1.    Inventory Your Accounts: Make a complete list of all your financial accounts and insurance policies that require a beneficiary designation.

2.    Review and Update: Check the beneficiary designations on each of these accounts. Be sure to name both a primary and a contingent (or secondary) beneficiary.

3.    Coordinate with Your Attorney: Work with your estate planning attorney to ensure your beneficiary forms are consistent with your will and trust. In many cases, it may be appropriate to name your trust as the beneficiary of an account. This allows the assets to be managed according to the detailed instructions in your trust, which can provide asset protection, tax benefits, and control over how the funds are used.

4.    Regularly Review: Your estate plan is not a "set it and forget it" document. Just as you should review your will and trust after a significant life change, you should also review your beneficiary designations.

Your estate plan is designed to provide clarity and peace of mind for you and your family. Don’t let an outdated beneficiary form create confusion and conflict. By taking the time to review and properly designate your beneficiaries, you can ensure your legacy is protected and your final wishes are truly honored.

Are you interested in getting a living revocable trust, will or other estate planning items in order?  We’re here to help. Quick turnarounds and no surprises. Remote services available with document signing procedure instructions provided.

Contact Biazzo Law today at (703) 297-5777 or alyssa@biazzolaw.com to schedule a consultation today. www.biazzolaw.com 

** Information in this blog should not be considered legal advice, nor does it form an attorney-client relationship

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