So Many People Miss This Detail in Their Estate Planning Process

Whether you have $10 million plus, or $10,000 in the bank, when the estate plan is completed, some of the work just begins. As an example, if assets are not properly titled in the name of your trust, your plan will not work the way you hoped.

Another important detail is “Beneficiary Designations”. Some financial institutions give you the opportunity to list who you want to receive an asset if you fill out their Beneficiary Designation Form.

Once you have a trust, which specifies your beneficiaries and what they will receive, it makes sense to review the assets you have and make sure that the beneficiary designation form lists your trust as the beneficiary. When in doubt, please consult with your attorney. It is up to you to make sure that your plan matches up with your decisions on your assets.

Bonus info: Your bank account refers to beneficiary designation as “Pay On Death”, or POD accounts. When you update the title on your bank accounts, please ask to update the POD beneficiary as well.

Marguerite Lorenz, CTFA, CLPF is a Master Trustee and a Managing Partner at Lorenz Private Trustees ( and has served as a Trustee and Executor since 2003.

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