Episode 21: Naming Beneficiaries

Who should be the named beneficiaries of the different parts of your estate?  It may seem like a simple question, but it can be a lot more complicated than it seems.  Most importantly, an error in your beneficiary designations can have a lot of unintended consequences.

This week, Devin and John help you to sort out your opinions, considering state laws, federal laws, and how they work together with your will and any trusts that you have set up.  It can be hard to anticipate all the possible situations that might come up.  It’s easy to plan for today, but you need to be planning for what could be tomorrow.

Highlights include:

  • the difference between a probate transfer vs. a non-probate transfer
  • which assets will bypass your will
  • when trusts might be the right choice
  • situations where you might not want joint accounts
  • why you should keep copies of your beneficiary designations:  life insurance, IRAs, investments, etc.
  • how to provide for your animals in your will

As always, Devin and John impart crucial information with a lot of fun stories thrown in.

Resources mentioned in this episode:

John’s elder law firm:  RossandShoalmire.com

Once a month, Devin and John answer listener questions.  Send yours to questions@bigpictureretirement.net.