Beneficiary Designations

ATTENTION TO DETAIL! You would think that this space need not be taken up with a reminder of the obvious importance of beneficiary designations for life insurance policies and retirement accounts (qualified and non-qualified). But those of us who practice in the trusts and estates area are frequently reminded, through painful experiences with clients, that this topic is always relevant and often overlooked by clients and their financial advisors. Here is a checklist: (i) confirm that you have completed a beneficiary designation for every policy and account that is distributed by a beneficiary designation (v. your Last Will) at your death; (ii) confirm that the content of the beneficiary designation is consistent with your overall estate plan; (iii) keep copies of all of your beneficiary designations in a single file (digital or paper) and periodically review all of them, especially if there has been a change in your family situation (e.g., deaths, births, divorces)