Beneficiary designations govern many of our most valuable assets, including life insurance, retirement plans, mutual funds, brokerage funds, and some bank accounts. Beneficiary designations are honored before the provisions in a will or trust are followed.
A thorough analysis of beneficiary designations is an important part of a comprehensive estate plan. Careful coordination of beneficiary designations with other estate planning tools can ensure that your assets go to whom you intend. Further, such coordination can allow for the deferral of income taxation of certain assets until long after your death. As qualified estate planning attorneys, Young & Young Attorneys can help you prepare a comprehensive estate plan.