THE 6 COMMON MISTAKES WHEN NAMING BENEFICIARIES Be Thorough and Leave the Legacy You Intend
3. Lacking Specifics: Using phrases like “my children” to name your beneficiaries poses a problem. If you have a blended family, your stepchildren may not be recognized, or some remote family member you don’t intend to leave assets to could claim your estate. 4. Using Shortcuts: Don’t take shortcuts with naming beneficiaries. If you have three children and want all three to receive assets, name all three. Don’t just name one and assume they will disperse shares to the others. 5. Missing Designation Forms: Without verifiable forms to prove beneficiary status, the default provision of your plan applies, which is often your spouse first. Keep copies of your beneficiary forms in a safe place and make sure your advisors, attorneys, and executors have copies. 6. Disregarding the Readiness of Beneficiaries: Your heirs will have access to the money from your IRAs, retirement accounts, life insurance, and annuities without restriction. If this is troublesome to you, name a trust as beneficiary so you can place limits on when and how the money is used.
People often misunderstand the difference between creating a will and naming beneficiaries. It’s important to know that your beneficiary designations will always override your will, so keep that in mind and be sure to avoid these common mistakes. 1. Not Naming a Beneficiary: If you don’t name anyone specific, your estate becomes the beneficiary. That means the asset could be subject to a long and expensive probate process, and the people who receive the asset might not be the people you intended. 2. Not Listing Contingent Beneficiaries: If your beneficiary dies and you never name a secondary beneficiary, it’s the same as having no beneficiary. If your spouse is your beneficiary but the two of you happen to die at the same time and you haven’t named your children as contingent heirs, your estate goes into probate, as mentioned above.
If you need assistance properly drafting your beneficiary documents, call our office so we can help.
MICHELE’S RECIPE CORNER
take a break
BACON AND EGG BREAKFAST PIZZA
INGREDIENTS
• • • • • •
1 package premade pizza dough
2 tbsp olive oil, divided
6 eggs
2 tbsp water
4 slices bacon, cooked and crumbled 2 cups cheese of your choice, shredded
DIRECTIONS
1. Preheat oven to 400 F. Grease a 15x10x1-inch pan. Spread the dough evenly over the bottom of the pan and 1/2 inch up the sides. Prick it with a fork and brush with 1 tbsp oil. Bake until lightly browned, about 7–8 minutes. 2. In a nonstick skillet, heat the remaining oil on medium. In a bowl, whisk the eggs and water together. Add the mixture to the skillet and stir until thickened and no liquid egg remains. 3. Add the egg to the baked crust in an even layer. Sprinkle on the bacon and cheese, then bake 5–7 more minutes before serving.
Inspired by TasteOfHome.com
3
718-698-2200
Made with FlippingBook Annual report