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Beneficiary Designations Override Wills

July 19, 2021

When was the last time you looked at your beneficiaries on your retirement accounts, insurance policies, annuities, and bank accounts? If you marry, divorce, or have other changes to your family situation, you need to update your beneficiaries. Some people think their will or trust is all they need to ensure their assets go to the desired recipients. A beneficiary designation is a legally binding document that supersedes a will or trust. That means that regardless of your current family status or what your will or trust says, the assets will go to the beneficiary you named when you last updated it. And if you don’t have anyone named as your beneficiary on these types of accounts, state laws will determine who receives the benefit.

It’s a good idea to get into the habit of reviewing them on an annual basis to help ensure your assets will be distributed based on your wishes.


Copyright © 2021. Some articles in this newsletter were prepared by Integrated Concepts, a separate, nonaffiliated business entity. This newsletter intends to offer factual and up-to-date information on the subjects discussed but should not be regarded as a complete analysis of these subjects. Professional advisers should be consulted before implementing any options presented. No party assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.