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Estate Planning Potholes: Beneficiary Designation


An estate planning pothole easy to avoid is designating beneficiaries or transfer on death designations that conflict with your estate planning objectives. Up to date beneficiary designations are vital to a successful estate plan. Many of your assets, such as IRAs, 401Ks and life insurance policies will pass by beneficiary designation. In addition, Indiana also allows for “pay on death” or “transfer on death” designations for bank accounts, real estate and other assets.

An inconsistent designation could possibly conflict with the plan you created in your will or trust. For an example, an heir named in your will or trust might receive nothing on your death because all your assets went elsewhere due to the designations that you made at the bank on your financial accounts. Also, any asset protection or tax planning that you created in your will or trust might also fail.

To avoid this pothole, you should always consult with your estate planning attorney when designating a beneficiary.

Steven Knecht helps clients with estate planning. With 36+ years of experience, he listens to you to create a Will or other estate planning document that works the way you want it to which may not occur with a document obtained through on-line resources. For more information concerning your estate and trust needs, call and ask for Steven Knecht for a personal consultation.

Filed to Estates, Wills, and Trusts

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