Beneficiary Designations 2022
The assets held in accounts with beneficiary designations (bank accounts, investment accounts, IRAs, etc.) should pass easily to the designated beneficiary upon the owner’s death. However, issues can arise when a beneficiary is not properly designated.
The policies and procedures for designating beneficiaries may differ from company to company, especially when designating a trust as a beneficiary. For example, listing the name or title of a trust may be sufficient for some companies, but other companies may require more information such as:
– The title of the trust;
– Title of the instrument creating the trust; and
– Date of the instrument creating the trust.
Take the time to familiarize yourself with the policies and procedures of your financial institutions and investment companies then review your current beneficiary designations and revise them as needed.
If you need help with beneficiary designations or estate planning in general, please call to schedule an appointment with one of the attorneys at Waldron & Schneider.
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