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In this video I’m going to describe a problem I see over and over, as well as how to fix it.

So in this video I describe the relationship between the provisions listed in a Will or Living Trust versus how someone designates their beneficiaries on an IRA, 401(k) account or life insurance policy.

You see, it’s well-known in estate planning circles that the beneficiary designation on an IRA or a life insurance policy supercedes anything written in the IRA owner’s will or living trust. And while - I’d say - all reputable estate attorneys recognize this concept, many people in the public do not.

0:00 Relationship Between Will and Beneficiary Designations
0:20 What's Well-Known in Estate Planning Circles
0:40 When the Problem Surfaces
1:11 Beneficiary Designations on IRAs Are Often an After-Thought
2:21 Elderly Surviving Spouses Sometimes Wish to Change Estate Distribution
3:00 People Mistakenly Believe the Will Covers IRA Distribution
3:54 Beneficiary Designation Supercedes Will
5:32 When You Change Your Will or Living Trust, Review Your Beneficiary Designations
6:06 Naming Estate as Beneficiary of IRA
6:38 While This Concept is Well-Known, We Need to Keep Reminding the Unaware Public