Can My Beneficiary Designation Override My Will?

Have you ever wondered if your designated beneficiaries on accounts like life insurance or retirement plans truly take precedence over what's written in your Last Will and Testament? This video delves into a critical aspect of estate planning that many overlook, highlighting the powerful implications of beneficiary designations. In this essential discussion, we uncover the intricate relationship between your will and beneficiary forms, providing clarity on how your assets are distributed upon your passing. Here's what you need to know: ► Understand why beneficiary designations are often considered 'contractual' and typically supersede instructions in a will for specific assets. ► Learn which types of assets commonly pass directly to named beneficiaries, such as life insurance policies, 401(k)s, IRAs, and payable-on-death (POD) accounts. ► Discover the potential pitfalls and unintended consequences of outdated or conflicting beneficiary information. ► Grasp the importance of regularly reviewing and updating both your will and all beneficiary designations to ensure your wishes are precisely met. ► Recognize situations where a will still plays a crucial role in asset distribution, even when beneficiary forms are present. #BeneficiaryDesignation, #EstatePlanning, #Wills, #FinancialPlanning, #Inheritance, #LegalTips, #WealthManagement