Protecting Your Finances with Estate Planning Tools

A beneficiary designation is an agreement between your estate and a financial institution to pay specific assets upon your death to a named trust or individual. For example, your life insurance policy may have your spouse or child named to receive the payout when you pass away. Coordinating your beneficiary designations with your estate planning documents is essential to protect your beneficiaries from unnecessary risk. At Pear Sperling Eggan & Daniels, P.C., we can help you make initial beneficiary designations or review and change past designations.

The most common types of beneficiary designation assets include:

• Employer-sponsored plans/IRAs
• RMD/IRA conduit trusts
• Non-qualified annuities/life insurance
• POD accounts

To determine whether one or more of these tools are right for your situation and estate planning goals, you should meet with an estate planning attorney in Ann Arbor. You’ll have peace of mind knowing you’re well informed about your options and how to avoid potential pitfalls and complications.

Avoiding Potential Pitfalls with Beneficiary Designation Assets

Beneficiary designation assets or accounts, like other estate planning tools, should be used in conjunction with other aspects of your estate plan. When estate plans are properly drafted and prepared by a lawyer, there’s less room for mistakes. However, there are occasions where simple mistakes or oversights can result in your estate plan being disrupted.

A few common mistakes include:

• Failing to name specific beneficiaries
• Failure to name contingent beneficiaries
• Designating a beneficiary that will become ineligible for benefits
• Failure to review your complete estate plan after important events
• Failure to ensure beneficiary designations are not in conflict

Contact Our Estate Planning Attorneys Today

The most effective way to take advantage of estate planning resources and tools is to seek representation and work with an experienced attorney. When you work with Pear Sperling Eggan & Daniels, P.C., you’ll be in great hands. With over seven decades of combined experience, you’ll be guided through the complex estate planning process by someone who has seen it all and can help you make the best decisions for your family. We understand the many facets of estate planning, including how beneficiary designation assets can benefit your estate. Let us help you take the right steps to avoid extra taxes and expenses and to ensure that your assets end up in the intended hands.

At Pear Sperling Eggan & Daniels, P.C. , we always strive for the best verdicts, judgments, settlements, and outcomes for our clients, and we’ve succeeded in thousands of cases. Contact us online or call us at (734) 665-4441 for a consultation!