Estate Planning Trump Card

Naming a beneficiary is the trump card of estate planning.

A story on details what happened to a recent widow, who learned her deceased husband’s life insurance money was going to his first wife.

The husband had changed his will to make his second wife the beneficiary of his estate but he failed to change the designation on his life insurance. There was nothing the second wife could do. Beneficiaries trump wills.

These beneficiary designations are involved in life insurance, certain bank accounts , annuities and retirement accounts.

If no beneficiary is named, the probate process could be involved for your heirs, the story notes.

So it is prudent to review beneficiary designations periodically. You should name a primary and secondary designee. And it is best not to name minors or the profoundly disabled. Better to have a trust be the designee in these cases.

If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.

Request A Consultation

"*" indicates required fields

This field is for validation purposes and should be left unchanged.