Wills, Trusts, and Estates in Pennsylvaniaannuities and beneficiaries » Wills, Trusts, and Estates in Pennsylvania http://www.utbf.com/trust-estate Trust Estate and Wealth Preservation Section Fri, 03 Feb 2012 21:59:24 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 What Controls? The Will or The Beneficiary Designation? http://www.utbf.com/trust-estate/2009/05/what-controls-the-will-or-the-beneficiary-designation/ http://www.utbf.com/trust-estate/2009/05/what-controls-the-will-or-the-beneficiary-designation/#comments Fri, 29 May 2009 21:01:33 +0000 David M. Frees III http://www.utbf.com/trust-estate/?p=232 Share and Enjoy • Facebook • Twitter • LinkedIn • Add to favorites • Email • Print ]]> Are you a Pennsylvania resident? Do you know whether or not your will controls or the beneficiary designation for your life insurance, annuities, and other non probate assets controls who gets those assets?

I recently ran across this great little article on the important question of which controls – The will or the named beneficiary designation?

This particlular article is based on UTAH law but the question (and the answer) is pretty much the same under Pennsylvania law. In almost every case, the beneficiary designation on life isnurance, retirment plans, and bank and stock accounts will control. So if you have changed your will, it is also essential to make sure that your beenficiary designations are coordinated with your estate planning.

One of the most common estate planning mistakes is the failure to coordinate what the will says with how the assets are actually owned and with the beneficiary designations.

The take away? Make sure that your estate planning attorney helps you to coordinate the beneficiary designations with your documents. Make sure to ask if your tax payment clause under your will is appropriate given the way you hold and dispose of non probate assets through such beneficiary selection.

Which controlls your assets - the will or the beneficiary designation?

Which controlls your assets - the will or the beneficiary designation?


David M. Frees III Esquire
David M. Frees Chairs the Trust, Estate and Wealth Preservation Section of
Unruh, Turner, Burke and Frees
He has offices located conveniently in Malvern, Phoenixville, and West Chester Pennsylvania

The firm serves clients doing wills, trusts, estate and asset planning in Chester County, Montgomery County, and Bucks and Philadelphia County.

David Frees has been selected as “the Best” Trust and Estate Lawyer on the Main Line according to Main Line Today Magazine.

610-933-8069
dfrees@utbf.com

Share and Enjoy

Share and Enjoy

• Facebook • Twitter • LinkedIn • Add to favorites • Email • Print ]]> http://www.utbf.com/trust-estate/2009/05/what-controls-the-will-or-the-beneficiary-designation/feed/ 0