Fratello & Fox, P.C.

516.496.0730

ATTORNEYS AT LAW

             Most of us are familiar with naming beneficiaries for accounts, such as checking accounts, savings accounts, retirement accounts, pension plans, life insurance, etc.  A beneficiary is an individual(s) named by the account holder who will take the assets/benefits upon the death of the account holder.  What many individuals do not realize, is that assets with a named beneficiary most often do not pass through a will. 

             For example, if Sara is named as a beneficiary on her mother’s checking account and mom passes away, Sara will take the entire account and it will not be divided among her other siblings even though mom’s will states that she wanted all of her assets divided equally among her children.

             You should also consider naming a contingent beneficiary.  If you only name one beneficiary and that beneficiary predeceases you, the assets must pass through your estate.  If you name a contingent beneficiary, the first beneficiary predeceases you and the contingent beneficiary survives you, the asset will pass to the contingent beneficiary.

             Speak to an estate planning attorney about your assets and beneficiary designations to be sure that your assets will pass according to your wishes. 

            

Dated: 12/2006

ACCOUNT BENEFICIARIES

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