Having a Will is Not a Complete Estate Plan

Nov 1 2023 • 14 mins

In this episode of the Protecting and Preserving Wealth Podcast, host Bruce Hosler and Jon dive into the crucial topic of why having a will is only a partial estate plan - exploring the significance of beneficiary forms and their power in estate planning.

We begin by explaining the importance of beneficiary forms, emphasizing that they can override the instructions in your will or trust. Bruce highlights the various types of accounts that require beneficiary forms, such as 401(k)s, pension plans, IRAs, annuities, and life insurance policies.

You will hear Bruce cover the concept of cascading beneficiaries, where you can designate primary, secondary, and even tertiary beneficiaries. Bruce provides a practical example of how this can be used to ensure your assets are distributed as per your wishes, even in complex family situations.

Common problems arise when beneficiary forms are not updated, such as in the case of divorce or the death of a spouse. Bruce explains the legal implications and the importance of keeping these forms current. We stress the importance of coordinating your beneficiary forms with your overall estate planning documents, including wills and trusts. to avoid potential disputes and unintended consequences.

In conclusion, Bruce emphasizes the ease and importance of keeping beneficiary forms up to date. I talk about the 'second opinion' service offered by Hosler Wealth Management to help prospective clients navigate their estate planning and beneficiary designations.

Remember, estate planning is about ensuring your legacy is passed on as you intend, and understanding the power of beneficiary forms is a crucial step in achieving this goal.

For more information about anything related to your finances, contact Bruce Hosler and the team at Hosler Wealth Management: Visit them online at https://www.hoslerwm.com/

Or call them in their Prescott office at (928) 778-7666 or their Scottsdale office at (480) 994-7342.

For more podcast episodes, visit our podcast website at https://hoslerwm.com/protectingwealthpodcast/

Limitation of Liability Disclosures: https://www.hoslerwm.com/disclosures/#socialmedia