Many types of retirement and risk management accounts such as life insurance, 401(k), IRAs, and annuities require or strongly suggest that you name a primary and secondary beneficiary. Read the full article here: https://www.oflaherty-law.com/learn-about-law/beneficiary-designation-problems-in-iowa-estate-planning
This will designate who receives the assets from the account upon your death. Choosing a beneficiary is usually very straightforward, and often the individual or company managing the account will suggest choosing a spouse or children for older individuals.
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In this video, we discuss how to avoid beneficiary designation problems by making sure your various investment accounts and estate planning align. We will answer the following questions: Does a will take precedence over beneficiary designations on my investment accounts?, can beneficiary designation affect estate taxes?, can an investment account be pulled automatically into a trust or will upon death?, what’s the difference between per stirpes and per capita distribution?, and can I just name my trust as the beneficiary of all my accounts?
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