Many types of retirement and risk management accounts such as life insurance, 401(k), IRAs, and annuities require or strongly suggest that you name a primary and secondary beneficiary. This will designate who receives the assets from the account upon your death. Read the full article here: https://www.oflaherty-law.com/learn-about-law/beneficiary-designation-problems-in-iowa-estate-planning
Choosing a beneficiary is usually very straightforward, and often the individual or company managing the account will suggest choosing a spouse or children for older individuals. But your estate planning requires you to choose beneficiaries as well, and if you’re not careful your family may end up spending extra time and money resolving a beneficiary issue that could have been easily fixed before your death.
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In this video, we discuss how to avoid #beneficiarydesignation problems by making sure your various #investmentaccounts and #estateplanning align. We will answer the following questions: Does a will take precedence over beneficiary designations on my investment accounts?, can beneficiary designation affect estate taxes?, can an investment account be pulled automatically into a trust or will upon death?, what’s the difference between per stirpes and per capita distribution?, and can I just name my trust as the beneficiary of all my accounts?