In this episode, Casey and Mike discuss the critical importance of beneficiary designations in estate planning. They explain the differences between per stirpes and per capita designations, share real-life examples of common mistakes, and emphasize the need for regular reviews of these designations to ensure that assets are distributed according to one's wishes. The conversation also touches on advanced estate planning strategies, including the use of trusts, and concludes with actionable steps for listeners to take in managing their beneficiary designations.

Takeaways

Beneficiary designations are often overlooked but crucial.

Listing a beneficiary is not always enough.

Proper designations can prevent probate and family conflicts.

Beneficiary designations can override a will.

Regularly review your beneficiary designations after major life events.

Per stirpes preserves inheritance for family branches.

Per capita distributes assets equally among living beneficiaries.

Clear language in designations is essential to avoid confusion.

Consider using trusts for complex family situations.

Consult an attorney for advanced estate planning needs.

RESOURCES

• What Issues Should I Consider When Reviewing My Beneficiaries?
• 29 - What is probate and how to avoid it without creating a trust