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Year End Estate Planning Before You Look Back On 2016


With the end of 2016 fast approaching, NOW is the time to start or fine tune your estate plan before you get caught up in the chaos of the holiday season.

Provide the gift of leaving a legacy for your loved ones this holidays season and enjoy peace of mind if you have already begun this process. One important area of planning that many people overlook is their beneficiary designations.

Have You Checked Your Beneficiary Designations Lately?

Do you own any life insurance policies? If so, have you named both primary and secondary beneficiaries for your policies?

How about retirement accounts – are any of your assets held in an IRA, 401(k), 403(b) or annuity? Or how about a payable on death (“POD”) or a transfer on death (“TOD”) account? If so, have you named both primary and secondary beneficiaries for these assets?

What about your vehicle – do you have it registered with a TOD beneficiary? And your real estate – is it held under a TOD deed or beneficiary deed?

If you have gotten married or divorced, had any children or grandchildren, or any of the beneficiaries you have named have died or become incapacitated or seriously ill since you made beneficiary designations, it is time to review them all with your estate planning attorney.

Beneficiary Designations May Overrule Your Will or Trust

Speaking of estate planning attorneys, has yours been given and reviewed all of your beneficiary designations?

It is critically important for your estate planning attorney to review your beneficiary designations as your life changes because your beneficiary designations may overrule or conflict with the plan you have established in your will or trust (unless your state law provides otherwise, but you should certainly not rely on this). Also, naming your trust as a primary or secondary beneficiary can be tricky and should only be done in consultation with your estate planning attorney.

What Should You Do?

Whenever you experience a major life change (such as marriage or divorce, or a birth or death in the family) or a major financial change (such as receiving an inheritance or retiring) or are asked to make a beneficiary designation, your beneficiary designations should be reviewed by your estate planning attorney and, if necessary, updated or adjusted to insure that they conform with your estate planning goals.

If you have gone through any family or monetary changes recently and you’re not sure if you need to update your beneficiary designations, then consult with your estate planning attorney to ensure that all of your bases are covered.

About the Company:

Heritage Law Group, PLLC is a boutique Estate Planning and Elder Law firm assisting residents in Tennessee and Kentucky. We are dedicated to providing client-centered, professional legal services that are individualized through one-on-one consultations. We delight in empowering our clients and community through education and providing specialized resources. Our integrity-driven team will help you protect your legacy while delivering outstanding quality at a reasonable cost.

Owner, Jake Mason, J.D., LL.M. (Elder Law & Estate Planning), EPLS, is board-certified in Estate Planning and Probate, accredited by the United States Department of Veterans Affairs, and licensed in Kentucky and Tennessee. Contact us to schedule a consultation at (615) 989-7054 or info@planyourlegacy.com.

Your Legacy Is Our Priority™

Heritage Law Group, PLLC

1526 Hunt Club Boulevard, Suite 550

Gallatin, Tennessee 37066

Phone: (615) 989-7054

Fax: (615) 751-5208

info@planyourlegacy.com

Monday-Friday, 8:00AM-4:30PM

Visiting this site does not create an attorney-client relationship with Heritage Law Group, PLLC. Tennessee law requires notification that this is an advertisement and this website is not intended to provide legal advice. If you are seeking legal advice, you must seek it by speaking directly to a licensed attorney. While our firm welcomes feedback, we cannot accept a new legal matter without making sure there is no conflict of interest with other client matters in which we are already involved and there is no other conflict of interest that might prevent us from representing you. Unless otherwise noted, all Heritage Law Group, PLLC attorneys are generally licensed to practice law in the State of Tennessee. Attorney Jacob Mason is also licensed to practice law in the State of Kentucky. Every situation is unique and you should not act on information contained in this website without seeking advice from a legal professional specific to your particular situation. 

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