Beneficiary designations on life insurance, retirement accounts, and payable-on-death accounts override your will. A single outdated form can undo even the most carefully crafted estate plan.
Common Beneficiary Mistakes
Naming an ex-spouse and never updating. Naming a minor child directly. Naming no beneficiary, causing probate. Failing to name contingent beneficiaries. Not coordinating with your overall plan. Review all designations annually and after every major life event. Consider naming your trust as beneficiary for greater control.
A comprehensive beneficiary review is part of every estate plan at SoMD Estate Planning. Schedule your free consultation today.
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