When you think about estate planning, you likely think about your Last Will and Testament or your Trust. But many important assets, such as retirement accounts and life insurance policies, are distributed pursuant to beneficiary designations at your death.
In other words, your Last Will and Testament or Trust do not control the disposition of these assets. For example, if your Last Will distributes your estate equally to your three children, but your life insurance policy names only one child as the beneficiary, the life insurance proceeds will be distributed solely to that one child.
Please review your beneficiary designations periodically to make sure they are consistent with the intent of your estate plan, and do not hesitate to call us with questions at any time.