You probably have already named beneficiaries on everything that you could because you assumed that it was the right thing to do. You’ve probably named a beneficiary on a retirement account, a bank account, and investment and life insurance. While it’s important to have these beneficiary designations, you should have a conversation as well with your estate planning attorney.
Your beneficiary designations as they are managed by the company responsible for the account will override stipulations in your will but it is equally important to articulate your desires within your will or other estate planning documents as well. Your beneficiary designations and your estate planning tools should work together. Beneficiary designations do not always work as intended so you should not rely on them in and of themselves for your do-it-yourself estate plan.
This is no substitute for an estate plan that is based on an appropriately drafted will or a trust. With no additional planning, there is no assurance that your beneficiary designations will avoid problems with the probate court. Having a conversation with an experienced estate planning lawyer today can give you a broad overview of how your estate planning materials and beneficiary designations work together.
