Fact or Fiction: Beneficiary Designations Trump Your Will

Fact or Fiction: Beneficiary Designations Trump Your Will

Most life insurance policies and retirement accounts allow (and even encourage) the account owners to designate a beneficiary.  The designated beneficiary becomes the owner of the account upon the death of the original owner. In many instances, these are some of the largest assets that are passed on to the next generation.  So, what happens when a will indicates a different beneficiary than the paperwork for the account/policy? 

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Preventing Beneficiary Designations from Wreaking Havoc on Special Needs Beneficiaries

Preventing Beneficiary Designations from Wreaking Havoc on Special Needs Beneficiaries

The main way most American families save for the future is through private retirement savings plans such as 401(k)s and IRAs.  These plans offer the opportunity to designate a beneficiary upon the death of the account holder.  These designations allow the account assets to bypass probate and pass directly to the named beneficiaries. Often, individuals make these decisions when initially setting up the account and never reconsider them.

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