Even the Best of Intentions Can Cause Problems for Beneficiaries
by Don Drake, Connelly Law Offices, Ltd.
"The odds are that you have listed someone as a beneficiary since they are common designations in retirement accounts, wills, and trusts," said certified elder law Attorney RJ Connelly III. "To define what a beneficiary is for this discussion, it's an individual, or legal entity, designated to receive the proceeds from a financial product or vehicle when the owner passes away. However, what may start out being a simple directive in naming a beneficiary can become quite complex with life changes like divorce, death,