The Second Deadly Sin that Can Undermine High-Net Worth Families
Second Deadly Sin: Missing and Irrelevant Beneficiary Designations
Where do we start? A living trust that names the divorced spouse as the beneficiary or perhaps a retirement account that names “the estate” as the preliminary beneficiary (can you say probate…!)?
Trust documents, retirement account beneficiary designations and life insurance and annuity contact beneficiary designations must be given careful thought and periodic review (for changing circumstances).
The moral of this story: the devil is in the details (…or not…).
Third Deadly Sin: Disparate Array of Advisors vs. Collaborative Team Approach

