If you don’t know this, you’ll leave a mess.
Beneficiary designations are statements in the ownership documents of particular assets, like life insurance policies and retirement accounts, that say who gets that asset when the owner dies.
With extraordinarily few exceptions, they rule the day for that asset. Not your Will. Not your trust.
If the beneficiary designations don’t line up with your plan, you’ll leave a mess.
Here are examples of a mess.
🔸your parents are listed on that first retirement account you got in that first job and now you have your own family. 👴🏻👵🏻
🔸your money market account is going to your brother instead of all those charities you listed in your Will. 🕺🏼
🔸your ex is listed on your life insurance policy. 💃🏻💃🏻
That’s why you need to understand that to have an effective estate plan, you need to coordinate things like beneficiary designations, deeds and titles with your plan.
My students in Your Organized (after)Life Workshop understand this.
Learn more and enroll at organizedafterlife.com
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