The Importance of Maintaining Current Beneficiary Designations


Beneficiary designations are forms that are routinely completed for life

insurance policies, retirement accounts and even some bank and investment

accounts. The forms say who will receive the asset upon the asset owner's

death. These designations are also sometimes called "pay on death" or

"transfer on death" designations. When a beneficiary designation is in place, it

generally controls the disposition of the asset it is associated with, regardless

of what one's will says. As part of a periodic review of your estate plan, it is

vitally important to review all of your beneficiary designations. Ober|Kaler's John Rodock and co-author Terry Finn explain.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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