Maryland Estate Planning Attorney: What Happens if I Die Without Designating a Beneficiary?

If you have a retirement plan you should keep your designated beneficiary updated. In the busyness of life, it can be easy for a matter like this to escape your attention but it is important to review the people you’ve named especially after life changing events such as marriage or divorce.

But what happens if your designated beneficiary dies and you fail to name a new beneficiary? In this instance, if you were to die your employer retirement plan account will be distributed according to the rules of the plan.

Consider keeping a list of your accounts in one location. Include in the list the current beneficiaries and back-up beneficiaries and review the document once a year (when filing taxes, for example). This is a way to make sure your designations are up to date and if they become outdated contact your plan administrator and have them updated.

For a free, confidential conversation to discuss these and other estate planning matters, or to create your own estate plan, contact Maryland estate planning attorney Stephen J. Reichert at 410-299-4959, sreichert@reichertlegal.com or by clicking here.

Day, evening and weekend appointments are available in office or at your residence. Mr. Reichert personally serves clients in Baltimore, Baltimore County, Anne Arundel County, Howard County, Carroll County, Harford County, Frederick County and Montgomery County.