Beneficiary Designations

June 1, 2022- What is a beneficiary designation?  It is a very simple and direct way to leave the funds in your financial accounts to whomever you wish.  Upon the passing of an account holder, the funds can be distributed to the person designated as the beneficiary.  Beneficiary designations can be named on financial accounts such as CDs, checking, savings, and investment accounts.  I have never heard of or known of a financial institution charging to name a beneficiary to an account, and this action can be taken without an attorney, which boils down to an estate planning action at no costs.

If you’re interested in learning about more ways to reduce estate planning costs, check out the following link- “Breathe, Relax, and Reduce Estate Planning Costs”.