• Why Choose
    Our Firm?

    We limit the number of clients that we have at one time, allowing us to focus on your case.

    Personalized Representation
  • Know the
    Benefits

    Find out if you and your family can benefit from our elder law planning services!

    More Information
  • Dedicated & Experienced

    Our firm exclusively handles elder law concerns so your family can obtain peace of mind.

    Meet Your Attorney
  • Complimentary Consultation

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Beneficiaries Are Found In More Than Just Your Will or Trust

Many times when people are updating their wills or trusts, they make changes to their beneficiary designations. This may be prompted by family changes such as a marriage, divorce, birth or death. It is a very prudent practice to keep your estate planning documents, such as your will and your trust updated and current. However, sometimes people forget that beneficiaries are named in other documents in addition to their wills or trusts.

For example, beneficiaries can be named for accounts and policies such as life insurance, 401(k) plans, IRAs, annuities, brokerage accounts and bank accounts. So, if you are making a change to your beneficiaries in your will or trust, remember to review the beneficiary designations on these accounts and policies as well.

Why is it important to remember to review and change the beneficiaries on these accounts and policies? It is important because polices and accounts with named beneficiaries pay the benefits directly to those beneficiaries upon your death; in other words, the payments do not pass through your will or trust (unless the estate or the trust is the named beneficiary on the account or policy). This means that any changes you make to beneficiaries in your will or trust will not also change who these policies and accounts show as the beneficiaries. You have to remember to change the beneficiaries on these accounts and policies directly. If you forget to update the beneficiary designations on these specific accounts or polices directly with your new beneficiary information, then with very few exceptions, the old beneficiary who is still named on the account will receive the benefits.

Therefore, it is very important to keep track of all your beneficiary designations, both in your will and trust and in these accounts and policies, so you can make sure that all your beneficiaries are correctly named and will be receiving the benefits you intended.

  • Why Choose
    Our Firm?

    We limit the number of clients that we have at one time, allowing us to focus on your case.

    Personalized Representation
  • Know the
    Benefits

    Find out if you and your family can benefit from our elder law planning services!

    More Information
  • Dedicated & Experienced

    Our firm exclusively handles elder law concerns so your family can obtain peace of mind.

    Meet Your Attorney
  • Complimentary Consultation

    Let us help. Request your consultation today and we will be in touch.

    Contact Us Now

Contact Us

Edwards Elder Law, P.A.
St. Petersburg Elder Law Attorney
Located at: 2510 1st Ave. N.,
St. Petersburg, FL 33713
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Phone: (727) 755-5808
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Disclaimer

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship.