“One of the biggest myths and misconceptions of estate planning is that a will controls the disposition of all one’s assets at death. This is not the case. Failing to distinguish the difference between probate and non-probate assets could lead to unintended and costly consequences not only for the person who owns the asset, but also for life insurers that serve as custodians of the assets.”
In the current issue of InsuranceNewsnet, Mandelbaum Barrett PC Elder Law Chair Richard I. Miller, Esq. discusses how insurance agents and institutions are encouraged to examine and evaluate their policies and procedures involving beneficiary designations and take the action necessary to confirm best practices are being followed.