Should I Create My Will or Designate Beneficiaries First? | Monroe Township - Middlesex County
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Should I Create My Will or Designate Beneficiaries First?

July 25, 2018

Filed under: Beneficiaries — Neel Shah @ 9:15 am

If you have a limited period of time or if you are concerned about accomplishing your estate planning tasks in a particular order, there are certain things you can do to make things easier on you as well as your loved ones. One of the first and most important tasks you should do is to designate beneficiaries on your financial accounts. 

Certain bank accounts, retirement accounts and life insurance policies require you to designate a beneficiary. It is strongly recommended that you name a contingent as well as a primary beneficiary. This is because if something happens to the primary beneficiary, another person is able to step in and receive these assets right away.

Although it might seem very basic to designate beneficiaries in comparison with putting together a will, but designating beneficiaries is often more powerful than the will process because you can help to ensure that those assets don’t go through probate. Many people probably don’t know that many of the brokerages in the United States will allow you to attach a transfer on death instruction associated with your non-retirement account.

Transfer on death deeds can be used in real estate that is located in 27 different states. Consult directly with your experienced estate planning attorney to figure out what applies to you. After you have done this, you will want to outline all of your liabilities including your credit card debt, your mortgage and your loans. A contact list of people that your family members can reach out to for assistance is also strongly recommended.

Any of the professionals that you have used in the planning process such as your insurance agent, your attorney, your accountant and your financial advisor should all be included on a contact list with their name, business, contact details, and what services they provided. Even if you do already have an estate plan, it’s a good idea to work with an attorney on the estate planning process because you can avoid most common missteps and obstacles.

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