It’s a little known fact. Your beneficiary designations take precedence over your will. Your life insurance, annuities and retirement plans are legally binding contracts.
Please see my free guide:
5 Potential Beneficiary Designations Pitfalls, which explains it all.
A few points to reflect on:
- If your beneficiaries aren’t up to date, it could put a wrench in your final wishes.
- An ex-spouse could get your life insurance proceeds.
- Designating “all my children” could leave a stepchild out.
- A beneficiary may die before you, leaving the proceeds to your estate, with potential probate and tax implications.
Avoid the pitfalls. Regularly reviewing your beneficiary designations is a critical step to ensure your assets get into the right hands after your death. Get the facts you need to make sure your plans are up-to-date. Contact me to learn more.