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What are the problems with relying on beneficiary designations?

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William Conway
Law Offices of William Conway
www.conway-law.com  
703-448-7575

William A. Conway, J.D., in a professional career as a tax attorney, investment banker, and legal educator, serves his clients with both financial and legal counsel. A graduate of Georgetown University Law Center, he is a registered investment advisor and tax attorney included in both Who's Who in Finance and Industry and Who's Who in American Law. Mr. Conway is also a member of the bars of the Commonwealth of Virginia, District of Columbia, and the State of Maryland.

His practice is dedicated to building wealth enhancement strategies for his client families' estates and businesses, using far-reaching, advanced planning to achieve preserved wealth for generations. The firm's priority is our relationship with our client families and their personal, professional and estate goals.

Mr. Conway was an Adjunct Professor of tax law at George Mason University School of Law, where he taught law for five years and has lectured at Georgetown University Law Center. He annually teaches continuing education courses on estate planning and wealth preservation for attorneys, financial planners, and accountants.

A founding member of WealthCounsel, LLC , he serves as chairman of the Legacy Consulting Group and is a member of the National Academy of Elder Care Law Attorneys. In addition, Mr. Conway serves on the Greater McLean Chamber of Commerce and is President of the McLean Symphony, McLean, Virginia.

Invited for guest appearances on television programs such as "The Money Makers" on PBS, Mr. Conway also created and hosted the radio series, "Legacy," for many years on Washington Business Radio. You may now hear him on his new show, "Family Fortunes" on WTNT 570 AM Radio in the Washington Metro area each Saturday morning.

Generations, an updated companion book to the original "Legacy" radio show, is a 500+ page, hard-backed book, indexed by subject, and includes every aspect of estate planning.

What are the problems with relying on beneficiary designations?

In this video series, William Conway explains the basics of estate planning.

This series: 35,664 views

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Host: What are the problems with relying on beneficiary designations? Guest: The problems relying on beneficiary designations, is that beneficiary designations don t literally give us enough way to actually decide on what we want to accomplish. One of the basic rules in estate planning is, I want to give what I have, to whom I want, the way I want, when I want, and with the least amount of fees, and expenses and taxes. The problem with beneficiary designations is it s going to give property sometimes to people when they wouldn t be good people to receive it, or good time to give it to them. Take for example, a circumstance where somebody would have a life insurance policy.

Often a life insurance policy with name of spouse, or name of husband or a wife, as their beneficiary designee. As such, they have secondary beneficiaries, and the secondary beneficiaries were also listed as children of this marriage, or listing the names of specific children. If the husband or the wife predeceases, people most often don t go and change those beneficiary designations. And now we have often minor people, or very often, very young people, receiving large sums of money at a time that would be inappropriate. Most people do not believe it is a good idea to give large sums of money to 18 year olds, to 20 year olds, or perhaps even 25 year olds, but certainly we want to make sure that we are giving money to people when as if appropriate and having someone that we would appoint to be in charge of that.

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