Making sure that beneficiaries are properly designated for assets that transfer at death is a simple way to maximize the clients estate plan efficiency. The problem is that many people often make the mistake of overlooking this important aspect of estate planning. Naming the beneficiaries of certain items of property is the best way to make sure those items are transferred to the intended party in the most expeditious way possible. Keeping property and assets out of the probate process by designating beneficiaries is a good way to save time. Beneficiary designations are very easy to set up. It is important for people to take the time to identify the beneficiaries of their property now to avoid complex and expensive estate problems in probate later on.
See David H. Lenok, Beneficiary Designations: Easy and Often Overlooked, Wealth Management, October 9, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.
