Maryland Wills and Trusts: Beneficiary Designation vs. Will

You took the responsible step and created an estate plan that includes a Will and Trust that will distribute your assets according to your wishes, protect your estate from certain Maryland state taxes and future legal fees, and preserve your assets for your children and grandchildren. You’re finished, right? Not exactly.

Among the numerous other details often overlooked when creating an estate plan, include reviewing and updating the people you’ve designated as beneficiaries of your retirement plan assets. If your Will and beneficiary designation name different people, it is the beneficiary designation that is legally binding and not your Will. This is true of retirement accounts, including company-sponsored plans and IRAs, and of annuities and life insurance policies.

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, Montgomery County, Washington County, Cecil County, Calvert County, Prince George’s County, Kent County, Queen Anne’s County and Talbot County.