Estate planning is not just having a Last Will and Testament. A common misconception among clients is that life insurance and retirement accounts are controlled by the Will.
In reality, the beneficiary designations on life insurance and retirement assets control ultimate distribution for those assets. It is very important to ensure that the beneficiary designations compliment the Will. For example, if the Will says your kids receive all assets through a trust until he/she is 30, then the beneficiary designation should name the trust as the beneficiary until the child is 30. Note, additional provisions are required in the trust to facilitate tax deferral where a trust is the beneficiary of a retirement account.
Bryson Law Firm: Suwanee, Georgia. Attorney Richard Bryson has over 15 years experience with estate law, elder law, estate planning, probate avoidance, wills and trusts, tax planning, asset protection, personal injury and business formation. Contact our Gwinnett County law firm at 404-909-8842.