Do you know if your life insurance company has your most recent beneficiary designation form?
Many of my clients “assume” that their beneficiary designations have been properly completed, delivered to the company holding the assets and that all assets will be distributed as they desire. I then ask my client if they are absolutely sure? Most of the time they say “no”. In a recent Minnesota case, Minnesota Life Insurance Company v. Kagan, No 12-840 (7th Cir. 2013) the beneficiary designation form was not actually delivered to the life insurance company and the court determined that the “Old” beneficiary designation controlled. Be sure to follow up with your designations.
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