Sentences with phrase «other beneficiary designations»

There are other beneficiary designations, such as charity, trust, and business as beneficiaries, but the above covers the common scenarios.

Not exact matches

Retirement plans, including 401ks, pass on to your heirs according to the beneficiary designation, and not according to a will or other estate planning document.

Put another way, probate assets are generally those you own alone in your name, while nonprobate assets generally consist of assets you no longer have legal title to (i.e. trust assets), assets that will pass automatically upon your death (i.e. beneficiary designation), and assets owned jointly with others (i.e. joint tenancy with right of survivorship).

Property passing by beneficiary designation (i.e. an IRA or life insurance), operation of law, or trust generally pass by other means.

While you're at it, there are a bunch of other things you need to review including your powers of attorney, both financial and personal care, and your beneficiary designations.

Typically a married couple adds each other as the «Pay on Death» beneficiary designation for each bond purchase or you can add your children or whomever you desire as beneficiary.

Your estate plan should include instructions for «funding your living trust» as well as guidance for completing your beneficiary designations on life insurance and other investment accounts.

Consequently, if your life situation changes, or if any of your beneficiaries change their addresses or other identifying information, you may want to file a new Designation of Beneficiary form that cancels or updates your current beneficiary dDesignation of Beneficiary form that cancels or updates your current beneficiary dBeneficiary form that cancels or updates your current beneficiary dbeneficiary designationdesignation.

It sounds as if you are listed as a primary beneficiary and there are lines underneath the primary designation with the two other individuals.

On the other hand, if you have named specific children, any later - born or adopted children will not receive the death benefit — unless you change the beneficiary designation to include them.

This can also happen with employer - provided plans: If your employer or if your company has switched 401 (k) providers, check to make sure your beneficiary designations have ported over along with your contribution rate and other choices you've made.

It's a common scenario for people to make beneficiary designations first and draft other estate - planning documents later, when their families have grown.

This designation overrides any other estate planning you may have, such as a will, so you need to be certain the listed beneficiaries are those you actually want to receive a benefit.

I have just received a phone call from the ING accounting and taxation department telling me that I was unfortunately advised incorrectly by their associate and the beneficiary designation does take precedence over the will and not the other way around.

If you've taken additional steps on your estate plan beyond your beneficiary designations — for example, you've drafted wills and trusts — make sure your beneficiary designations sync up with the other aspects of your plan.

The former may contradict the latter, but the beneficiary designations will generally trump what's in the other documents, regardless of which paperwork was completed first.

It just means you can't neglect your IRA and other retirement account beneficiary designations and assume your will and trust override them.

The law in the province where you live may allow you to designate a successor holder and / or other beneficiary to your TFSA in the event of your death, by means of a separate designation outside of your will.

Consider the effect of divorce on insurance coverage, beneficiary designations, mortgages and other debts, financial and estate planning, etc..

Consider changes in marital status, deaths or other life changes that may impact your beneficiary designation, and update accordingly.

And, non-lawyers (even sophisticated, affluent business people) routinely fail to grasp that a Will only governs assets which don't have beneficiary designations and is subject to forced marital share and minimum family inheritance laws that act by operation of law as well as other «gap filling» presumptions that modify the literal meaning of certain kinds of language in a Will.

contains general information on mental capacity and the law, including the common - law tests of capacity to: make a will, make a beneficiary designation, nominate a committee, and retain legal counsel, among others.

Coordinate your beneficiary designations with your wills, trusts, and other wealth transfer documents.

It sounds as if you are listed as a primary beneficiary and there are lines underneath the primary designation with the two other individuals.

Consider changes in marital status, deaths or other life changes that may impact your beneficiary designation, and update accordingly.

Beneficiary designations should also be reviewed on all retirement accounts, bank accounts, investment accounts and other assets, as well as on any group insurance through an employer.

On the other hand, if you have named specific children, any later - born or adopted children will not receive the death benefit — unless you change the beneficiary designation to include them.

This designation overrides any other estate planning you may have, such as a will, so you need to be certain the listed beneficiaries are those you actually want to receive a benefit.

Also, the division of other assets may involve your attorney preparing deeds or being involved to some degree in division of investment accounts or confirmation that proper death beneficiary designations on retirement plans and under life insurance policies is in place as required by the parties» settlement.

What impact will the divorce have on existing estate plans, wills, trusts, Powers of Attorney, medical directives, beneficiary designations, gifting strategies, legal title to assets, and any other applicable items?