Setting beneficiaries for your assets can seem straightforward, but there are common pitfalls to avoid. In this video, estate planning and probate attorney Joel Beck from Peach State Wills & Trusts, highlights these mistakes and how to prevent them.
Key Points:
📎 Unintended Beneficiaries: Naming a minor child directly as a beneficiary can be problematic. Instead, assets might be better directed through a trust to ensure they're used for the child's benefit without risking loss or misuse by an intermediary.
📎 Lack of Depth: Always list a secondary or contingent beneficiary. This ensures that if your primary beneficiary predeceases you or cannot inherit, your assets go where you intend.
📎 Failure to Update: After major life changes such as a divorce, update your beneficiary designations immediately. A divorce does not automatically change beneficiary designations on retirement accounts or insurance policies.
📎 Lack of Coordination: Ensure that your beneficiary designations align with your overall estate plan. Inconsistencies can lead to assets bypassing your intended plans and not being used as you envisioned in your will or trust.
Beneficiary designations are a crucial part of your estate plan.
If you have an estate planning question in Georiga, contact us today at 678-551-7082 or visit our website at [ Ссылка ].
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