Wills, Probate

Trusts, Estate Planning

210 South Beach Street, Suite 202
Daytona Beach, FL 32114
(386) 257-3332

Personal Representative

Heidi and her team are professional and courteous. Highly recommend.

~ Arthur R

We recently completed a new will and trust with Heidi Webb, attorney in Daytona Beach. Even though we had these documents from another state, they needed to be replaced to comply with Florida laws. When we met with Heidi, she reviewed our documents, explained what needed to be done and why, and answered all our questions and concerns. Where other lawyers said what we should do, Heidi asked us what we wanted to do and then explained pros and cons. We never felt rushed and she gave us all the time we needed to make our final decisions. Her professionalism, interest in her clients, friendly personality and care went a long way to making the whole process easy and very pleasant. We highly recommend Heidi Webb for your estate planning needs.

~ Daniel R

Why Designate Beneficiaries

Ask Heidi: Why Designate Beneficiaries If I’ve Already Declared Heirs in My Will?

Navigating the waters of estate planning can often bring up questions about the role of wills and beneficiary designations. A common point of confusion is why one might need to designate beneficiaries when heirs are already named in a will. Let’s clear up the differences and understand why both are critical components of a well-structured estate plan.

The Role of a Will

Your will is a legal document that communicates your wishes regarding the distribution of your assets, appoints your Personal Representative and if applicable, appoints a Guardian for the care of any minor children upon your death. It becomes active only after you pass away and after it is admitted to probate.

In your will, you name your heirs and outline how you wish your assets to be distributed among them.

Beneficiary Designations: Most Common Characters in Probate Avoidance

Beneficiary designations, on the other hand, are typically used with accounts that are designed to pass outside of the will. These include:

    • Retirement accounts like IRAs and 401(k)s
    • Life insurance policies
    • Annuities
    • Payable-on-death [POD] or transfer-on-death [TOD] accounts

With these types of accounts, the assets go directly to the named beneficiaries upon your death without going through probate. This means they are paid out more quickly than the assets passing through your will, and the process is also private, unlike the probate process which is a public proceeding.

IMPORTANT NOTE: Direct Beneficiary Designations Supersede the Will: It’s crucial to understand that a beneficiary designation will generally supersede what is written in your will. If your will states one thing but your beneficiary designation says another, the asset will go to the named beneficiary on the account.

Why Both Are Important

Here’s why having both is not just a matter of redundancy, but a part of strategic estate planning:

Non-Probate Assets: Beneficiary designations are necessary for the assets mentioned above
because they are designed to bypass the will and probate entirely.

Updating Your Estate Plan: Life changes such as marriage, divorce, births, and deaths can affect your intended asset distribution. Beneficiary designations need to be updated in these events, just like your will.

Speed and Simplicity: The transfer of non-probate assets to beneficiaries is swift and avoids the potentially lengthy probate process.

Contingencies: If an heir named in your will predeceases you and you haven’t updated your will, having a named beneficiary on your accounts can ensure that your assets still pass according to your wishes.

The Bottom Line

To ensure your estate plan works as intended, it’s vital to have both a will and up-to-date beneficiary designations. This approach provides a comprehensive plan for all your assets and can alleviate stress and confusion for your loved ones during a difficult time.

Remember, estate planning is an ongoing process. Regular reviews and updates are key to maintaining an estate plan that reflects your current wishes and circumstances.

Have more questions? Need to review your estate plan or beneficiary designations? Call Heidi today to schedule a consultation, and let’s ensure your estate plan is thorough and effective.

Heidi S. Webb, Attorney at Law, serves clients in Daytona Beach, Ormond Beach, Port Orange, and beyond with matters of Estate Planning and Probate. Contact her today to schedule a free consultation. Visit her page on Facebook, or see what her clients are saying to learn more about Heidi. 

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