5 Things To Know About Naming Beneficiaries

One of the items we review with our clients are the beneficiaries on our clients financial accounts.  This is especially important for clients with Revocable Living Trusts.  If your beneficiaries are named incorrectly it can have drastic and costly effects on your Michigan estate plan.

Money magazine recently had an article on the 5 Things to Know about Naming Beneficiaries.  Their list included:

1. Your will has no jurisdiction
2. You can-and should- name a runner-up.
3. Retirement accounts have quirky inheritance rules.
4. Naming a minor is a quick ticket to Michigan probate.
5. Changing a beneficiary is easier than changing the filter in your coffee pot.

If you have any questions on the article or what any of the items mean, contact us to review your beneficiary designations.

-Christopher J. Berry, Esq.
Bloomfield Hills Estate Planning Lawyer