For most folks, given that it is the last task on their “to do” lists, we find that the project of getting around to signing a will and implementing an estate plan (or even thinking about it) is met with moderate to extreme procrastination. When a set of estate planning documents is finally executed by clients, they typically experience a sense of relief and peace of mind. However, it’s important to understand that the core estate planning documents alone (typically a will and/or revocable trust) cannot govern how all assets pass at death.
There are many assets which pass by operation of law (such as real estate in joint names) or by beneficiary designation form and not by will; and, under current law, a will cannot override how such assets pass. In this article, we will focus on beneficiary designations and the importance of properly coordinating those designations with the overall estate plan to provide for a cohesive, properly integrated estate plan. Not completing this final step of the process can lead to unintended and potentially problematic consequences.
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