Beneficiary Review
A beneficiary omission may cause unnecessary probate costs and serious
delays in the distribution of your assets. If your beneficiary designations are out-
of-date, you may not be passing property according to your current intentions.
With a beneficiary review, we can help you identify potential problems and
suggest ways to solve them.
Best Intentions Are Not Enough
Most people have a good idea who they want to name as beneficiaries but,
often, beneficiary designations do not keep up with their intentions. Marital
changes and changes to family status may require a change to your current
beneficiary designations. If no contingent beneficiary is named and the primary
beneficiary predeceases you, then payments would likely be made to your
estate, creating unnecessary delays and expenses.
Following is a hypothetical situation where a beneficiary review could
have helped:
It was a second marriage for both Jim and Mary. Jim had a son from a previous
marriage while Mary had two daughters. They knew it was important to plan to
dispose of their assets. In fact, they named each other beneficiaries of their
pension plans and bank accounts and purchased their home as joint tenants.
Unfortunately they never got around to creating simple wills or designating
contingent beneficiaries and then the unthinkable happened: they were both
killed in a head-on car collision. Jim survived Mary by 10 days. Therefore, the
house, and all of their qualified assets, savings account and investments were
distributed to Jim’s son. Mary’s daughters were left with nothing.
With a beneficiary review, we can help identify potential problems and
suggest ways to solve them.
delays in the distribution of your assets. If your beneficiary designations are out-
of-date, you may not be passing property according to your current intentions.
With a beneficiary review, we can help you identify potential problems and
suggest ways to solve them.
Best Intentions Are Not Enough
Most people have a good idea who they want to name as beneficiaries but,
often, beneficiary designations do not keep up with their intentions. Marital
changes and changes to family status may require a change to your current
beneficiary designations. If no contingent beneficiary is named and the primary
beneficiary predeceases you, then payments would likely be made to your
estate, creating unnecessary delays and expenses.
Following is a hypothetical situation where a beneficiary review could
have helped:
It was a second marriage for both Jim and Mary. Jim had a son from a previous
marriage while Mary had two daughters. They knew it was important to plan to
dispose of their assets. In fact, they named each other beneficiaries of their
pension plans and bank accounts and purchased their home as joint tenants.
Unfortunately they never got around to creating simple wills or designating
contingent beneficiaries and then the unthinkable happened: they were both
killed in a head-on car collision. Jim survived Mary by 10 days. Therefore, the
house, and all of their qualified assets, savings account and investments were
distributed to Jim’s son. Mary’s daughters were left with nothing.
With a beneficiary review, we can help identify potential problems and
suggest ways to solve them.
| Where are your assets going? Are your beneficiary designations up to date? On all of your property? Are you sure? |
| Contact Us Today For Your Complimentary Beneficiary Review |
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| Michael Withorn | Withorn & Associates 9655 Agate St. NW | Canal Fulton, OH 44614 Phone 330-327-7630 | Fax 330-437-0085 |
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