What impact do the beneficiary designations on my life insurance policies, annuities, and retirement accounts have on my estate plan? | Gulf Beaches Law, P.A. | Estate Planning, Eviction, Tax and Business Law Firm | Karen S. Keaton, Esquire | [ Ссылка ] | 727-822-2200 | 2816 Beach Boulevard South, Gulfport, Florida 33707
Assets such as insurance policies, annuities, individual retirement accounts, and other retirement assets, such as 401(k) plans, are normally distributed by a beneficiary designation which the person owning that asset makes when they set up those particular plans. The benefit to the estate is that it does pass outside of the probate process directly to the beneficiary. The disadvantage is that if the beneficiary should pre decease the account holder, the asset is going to default, in all probability, through the probate process.
