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Ep. 26 - The Importance of Naming A Beneficiary
Manage episode 477126482 series 3591527
Are your beneficiary designations working in your favor—or putting your estate at risk? Learn the difference between a smooth transfer of assets and a probate headache. On this episode of the Good Steward Law and Wealth Podcast, host Ledly Jennings breaks down why beneficiary designations matter more than most people realize. From POD (Payable on Death) and TOD (Transfer on Death) designations to the risks of naming a minor as a beneficiary, Ledly explains how small mistakes can lead to big problems. You'll also learn how using a revocable trust can offer asset protection and peace of mind—and why simply creating a trust isn’t enough if you don’t fund it properly. Whether you’re setting up your estate plan for the first time or reviewing it after a significant life change, this episode is packed with practical tips to help you stay a good steward of your legacy.
IN THIS EPISODE:
- (00:00) The importance of updating a beneficiary designation on your estate plan
- (01:45) Naming a beneficiary and examples of problems when not done correctly
- (08:06) Don’t list a minor child as a beneficiary
- (10:10) Discussion on asset protection
- (12:15) Make sure you fund the trust you’ve created
KEY TAKEAWAYS:
- If you don’t update your beneficiary designations after major life events—like getting married or having children—your assets may go to someone who you no longer wish to receive them.
- Failing to name a beneficiary (or naming your estate) can lead to probate, which delays the process and may not follow your final wishes.
- Naming a child as a direct beneficiary can lead to unintended consequences, such as receiving a large sum of money at age 18 with no restrictions. A better option is to use a revocable trust, which can control when and how the funds are distributed and offer protection from creditors, divorce, and other legal risks.
RESOURCES:
[email protected] - Email Ledly
Ep. 22 - The Best Account to Inherit
Ep. 24 - The Will - The Least Important Document
ABOUT THE HOST:
Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.
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