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Oops, I Forgot About That... The Devil In The Details

Almost every time I meet with clients to review an existing estate plan, there’s at least one investment account, bank account, or life insurance policy left “dangling in the wind.” What do I mean? I mean the client hasn’t named a beneficiary or made proper beneficiary designations, which often leads to terrible consequences. Did you know that accounts with no named beneficiary MUST be probated? That’s right, if you haven’t named beneficiaries or perhaps your designations are outdated, you could be leaving a real disaster for your family. Or maybe you’ve created a trust with specific directives on how assets should be given to children of grandchildren (for example, to pay for education or to be managed for the benefit of a disabled or spendthrift child), but you haven’t named the trust as the beneficiary of your accounts. If so, your wishes WILL NOT be followed. It doesn’t matter what great plans you’ve made in your trust to protect your family because the proceeds of those accounts will never get to your trust. I recommend a periodic review of every estate plan, which includes an examination of all accounts to ensure proper beneficiary designations have been made. I provide such a review for my clients at NO COST. If I can assist you or someone you know by reviewing an estate plan and helping to make or coordinate proper beneficiary designations, please contact me at (813) 244-7758 or Cheers! Ross Spano

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