[WSBAPT] [SPAM] Beneficiary designations

Tue Aug 5 10:30:45 PDT 2014

There is no one-size-fits-all answer here. Life insurance might be treated
differently than a retirement account, different retirement accounts might
be treated differently, and both of these are critical to get right.
Neither should be designated to the estate in almost any circumstance I
can think of.

Most often when we have a trust for minor beneficiaries established in the
Will, or for disable beneficiaries, or even for the spouse, in taxable or
second marriage situations, I will have the client designate “the Trustee
of The trust for my children/spouse/brother in my Will dated XX/00/20XX,
as amended”.  This gets the asset to the trust without having it pass
through the estate. Qualified retirement accounts and life insurance have
creditor protection until the estate is the beneficiary and you usually
don’t want to give that up.

Heather

Heather S. de Vrieze
Attorney-at-Law

3909 California Avenue SW

Seattle, WA 98116-3705                          

(206)938-5500 

 <mailto:heatherd at westseattlelaw.com> heatherd at westseattlelaw.com 

 <http://www.westseattlelaw.com/> www.westseattlelaw.com 

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From: wsbapt-owner at lists.wsbarppt.com
[mailto:wsbapt-owner at lists.wsbarppt.com] On Behalf Of Ashley Raymond
Sent: Tuesday, August 05, 2014 10:21 AM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] [SPAM] Beneficiary designations

I was wondering how you instruct clients to name beneficiaries on
non-probate assets when client has completed a will. A wealth advisor I
know had told me to name the estate as beneficiary, however another
advisor told me that this could delay the proceeds of life insurance being
paid out because the estate would have to settle first.

So, what is the proper method?  Do you just list the beneficiary as an
individual or name the trustee of a testmentary trust? Examples would be
appreciated. Thank you.

Ashley Raymond, J.D., LL.M.

Ashley Raymond, PLLC

651 Strander Blvd., Ste. 215

Tukwila, WA 98188

Ph: 425-496-7495 | Fax: 425-523-3984

ashley at ashleyraymondlaw.com

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