Beneficary question

[KevinTheRookie]

I have one Living Trust set up for my wife and I. How do I write the beneficary of things like Life Insurance, 401Ks, etc. One investment broker said I should name the trust the primary and my wife secondary. The other investment broker said name my wife primary and the trust secondary. Who is right?

Thanks so much.

 

[dmode101]

Depends on what you are trying to accomplish and who the benes of the trust are. But probably the trust should be the bene of the life insurance and retirement assets should be spouse first, then trust. But this is something you should discuss with the estate planner that drafted your doucments.

 

[advisor10]

JUNE 26, 2001

DEAR KEVIN:

Please make sure that a beneficiary designation form is filled out with each separate category of asset (one at the insurance company, one with the 401K plan, one with the retirement assets etc.). It is the beneficiary as listed on these designation forms that will determine who gets each one.

The beneficiary designations as mentioned in the will and/or trust will NOT override what is shown on the beneficiary designation forms, so you must make sure that whatever is written in the will and the trust agree with the beneficiary designation forms.

SINCERELY,

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