“Thought for the Day” #638 – by Stephen R. Elville, J.D., LL.M.

January 6, 2016

Many people are shocked to discover that their beneficiary designations are wrong or non-existent.  This problem is particularly prevalent with life insurance policies, but frequently occurs with all beneficiary-designated assets (IRAs and qualified plans, annuities, insurance).  Think of these assets (many times large amounts) as a river of money flowing in a certain direction – one that you can control.  Without that control, the money will flow in an unexpected direction, many times causing damage, dissipation, or other type of plan failure.  Verify your current beneficiary designations and seek professional guidance about how to structure specific beneficiary designations appropriate for your individual estate plan.