Five Factors That Make Beneficiary Designations Ineffective for Estate Planning

There is no denying that estate planning might appear intimidating. Apart from your final will and testament, there are a plethora of other legal documents that could appear superfluous, redundant, or overly complicated. You may believe that the process is made simpler by creating beneficiary designations, or documents that let you give assets to certain people directly without using a will or the probate process. Sadly, settling for beneficiary designations alone without using additional estate planning tools and consulting with a knowledgeable attorney can lead to a lot of problems.