Why are beneficiary designations important?

Updated March 13, 2023.

Certain assets, such as life insurance, retirement plan and annuities, pass outside of your Will directly to beneficiaries on file with the company holding the asset. Coordinating beneficiary designations with your Will is a key component of an effective estate plan. Otherwise, assets may not pass as intended or may not fund trusts established by your Will. For retirement plans subject to income tax, properly designating beneficiaries is critical; opportunities to defer income tax on retirement assets may be lost and reduce the long-term growth potential for the retirement assets.

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