Solomon, Steiner & Peck, Ltd.
Call today for a consultation:
216-245-0185 / 866-642-0932

The importance of beneficiary designations

The estate planning process can be more complicated than residents in Ohio are anticipating. There are many items one might need to assign to others, and an estate could need to be divided between multiple children and loved ones. Big assets like life insurance policies, a retirement plan and real estate may go to a few different people or organizations while personal belongings with sentimental value might go to numerous friends and family members. Even if it seems obvious, people should use care when designating beneficiaries to help ensure that their wishes can be met.

Certain assets pass through beneficiary designations, such as retirement plans, life insurance policies and annuities. These designations are made at the time the owner acquires the assets, and they override any contrary provision in a will. One advantage of these items is that the proceeds pass directly to the beneficiary upon the death of the owner and thus avoid probate, a process that can be lengthy as well as costly.

Estate planning documents need to be reviewed periodically so that adjustments can be made if life changes occur like new additions to the family, divorce or the death of a beneficiary. When switching insurance providers or retirement plans, people should also review designations in case they do not automatically transfer.

Trusts can be designated as beneficiaries as well as individuals. This may be important in the event that the owner of a life insurance policy is concerned that the person who ordinarily would be named would be profligate with the proceeds. An estate planning attorney can design a trust that will make distributions of portions of the proceeds only upon the achievement by the beneficiary of certain milestones.

No Comments

Leave a comment
Comment Information

2005 BBB Torch Award Recipient Recipients of the 2005 BBB Torch Award Honoring Business of Integrity

  • ASNP
  • CMBA Green Certified 2107-19
  • member of the national eldercare matters Alliance
  • Golden opportunities

We are here to help. Contact our attorneys today.   

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Mayfield Heights Office
6105 Parkland Boulevard
Suite 140
Mayfield Heights, OH 44124

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Mayfield Heights Law Office Map

Independence Office
Crowne Centre
5005 Rockside Road, Suite 600
Independence, OH 44131

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Westlake Office
PS Executive Centers
1991 Crocker Road
Suite 600
Westlake, OH 44145

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Mentor Office
5966 Heisley Road
Ste 201
Mentor, OH 44060

Toll Free: 866-642-0932
Phone: 216-245-0185
Fax: 216-595-2787
Map & Directions

Review Us