Beneficiary designations, account titling (ownership arrangements), and traditional estate planning tools (trusts and last wills) work together to create a fully functioning estate plan. The following is a list of common mistakes made with beneficiary designations and ownership arrangements.
- No Beneficiary is named
- No Contingent Beneficiaries are named
- Minor named as a Beneficiary
- Child named as a Co-Owner of an asset
- Beneficiary Designations not kept up-to-date
- Special Needs Individual named as Beneficiary
- Financially Irresponsible Beneficiary named
- Beneficiaries named on All Assets except Real Estate
- Multiple Beneficiaries on named on Deed
- Only One Child named as Beneficiary of a Life Insurance Policy or Deposit Account
Over the next several posts we will explore these common mistakes in more detail. To be continued….
Aaron E. Futterman, CPA, Esq. is a partner in the law firm of Futterman & Lanza, LLP with offices in Smithtown, NY and clients throughout Suffolk, Nassau, Queens, Brooklyn, Bronx, Richmond, New York, Westchester and Rockland Counties. He concentrates his practice to Elder Law, Medicaid Planning, Medicaid Applications, Estate Planning, Probate, Estate Taxes, and Estate Administration.