Beneficiary Designation Mistakes and How to Avoid Them

As an estate lawyer here in Pittsburgh for the past 26 years I can’t tell you how often we’ve seen faulty beneficiary designations on retirement and investment accounts and life insurance policies reek havoc on the distribution that the deceased owner of the accounts and policies had intended. 

When naming beneficiaries on these types of accounts it is absolutely essential that you follow up with the company to confirm that they have, in fact, properly reflected the beneficiaries that you intended to list.  I tell all my clients to get written confirmation from the companies detailing exactly how they have listed and reflected your beneficiaries.  You’d be amazed how easy it is for them to make a crucial mistake that completely changes your intended scheme of distribution.

Here’s a great little article that recently came across that does a really nice job of explaining how to avoid many of the common mistakes that are made when it comes to making beneficiary designations.  Take a look, I think you’ll find it to be pretty eye opening and informative.

American Wills & Estates is a locally founded, owned and operated law firm that has been guiding clients in Pittsburgh and throughout Western Pennsylvania through all the complexities of Estate Planning and Probate Estate Administration with competency, compassion and care for over 26 years.  We have a number of convenient office locations throughout the area and also provide home, hospital, evening and weekend appointments upon request.  Give us a call today at (412) 381-7370 to schedule your free legal consultation or visit our law firm online.  You’ll be glad you did!