Beneficiary Designations

Beneficiary designations are instructions that dictate who will receive assets like retirement accounts, life insurance policies, and some financial accounts after the original owner passes away. These designations bypass the probate process and ensure that the assets go directly to the specified individuals or entities.

Example #1

For instance, if someone names their spouse as the primary beneficiary on their 401(k) plan, the spouse will inherit the funds without them going through probate. If a person designates a charity as a secondary beneficiary on their life insurance policy, the charity will receive the proceeds if the primary beneficiary is unable to.

Example #2

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