Estate Planning Red Flag – You haven’t named contingent beneficiaries

Description

Abstract: Although a will or revocable trust governs the distribution of many or most of a person’s assets, certain assets require a beneficiary to be named. This can be an advantage, because when a person dies the funds can pass directly to his or her beneficiary without going through probate. This brief article explores the reasons to name not only a primary beneficiary, but also a contingent beneficiary.