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Chapter 16. End-Of-Life Issues > Beneficiary Designations

Beneficiary Designations

It is important to make sure that the beneficiary designations on any life insurance polices, annuities or retirement plans are in order and specify the people to whom you would want to leave those assets. Often for the sake of convenience, people will add the name of a friend or relative as a joint owner on a bank account or other asset, not intending to leave those assets to these people at death, but rather just to permit these assets to be managed more easily during life. This can create problems at death because the presumption is that jointly owned property automatically passes to the surviving joint owner. A better way to deal with this issue would be through the use of either a Durable Power of Attorney or a Living Trust. Either option will enable your assets to be managed on your behalf during your lifetime but will pass the assets to the people you desire at your death.


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