A beneficiary designation is when you name a specific person to receive your assets when you pass away. Retirement accounts, annuities, life insurance, pay on death accounts, all require beneficiary designations. You make these designations outside of traditional estate planning documents, such as a Will or trust.
Beneficiary designations can be very helpful because they allow assets to pass to beneficiaries automatically at your death without needing to go through a formal estate administration process. The named beneficiary does not have ...Continue Reading →