Beneficiary Designations

Are your beneficiary designations for life insurance, IRAs, 401(k) plans as you intend them to be?  Are you sure?

Query:  If you have designated a beneficiary for a life insurance or an annuity-related asset as “my children in equal shares,” is that truly your intention?  Keep in mind that if that particular designation exists on your beneficiary election forms and you have the unfortunate situation that a child should predecease you leaving grandchildren, the grandchildren will be precluded from receiving their deceased parent’s share of that particular asset.  The asset would pass in equal shares to your then-living children, completely bypassing any children of a predeceased child.

Consider reviewing your beneficiary designations for life insurance and annuity-related accounts to ensure that your beneficiary designations are as you intend.

If you have questions, please do not hesitate to contact one of the attorneys in our Estate and Trust Department who would be glad to assist you in this regard.

 

Questions regarding this article may be sent to Publications@Capehart.com.

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