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Avoiding Mistakes with Beneficiaries

Even the Best of Intentions Can Cause Problems for Beneficiaries

by Don Drake, Connelly Law Offices, Ltd.

Attorney RJ Connelly III

"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,