Estate Planning Pitfall – You haven’t named backup beneficiaries
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Description
Abstract: To ensure that a person’s wealth is distributed according to his or her wishes, it’s important to designate both primary and secondary (or “contingent”) beneficiaries for a will, trusts, retirement plans and life insurance policies. This article illustrates, through a court case, what can happen when a person fails to name a backup beneficiary. Herring v. Campbell, No. 11-40953 (5th Cir. 2012)
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