Essentially, designating a beneficiary or beneficiaries on a beneficiary form can allow you to exempt a given account or policy entirely out of your “probate” estate. However, when you avoid probate your will has no control over who inherits such account or policy. Accordingly, by not reviewing and updating your beneficiary forms you risk giving your assets to the wrong beneficiary (e.g., an ex-spouse on your 401k plan).

Solution? Perform a beneficiary form audit of your accounts to ensure they are consistent with your wishes.

For more information please visit my estate planning website.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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