Holding Title to Assets and Designating Beneficiaries

How assets are held or beneficiaries designated are important decisions. They may have very important consequences to a person’s estate plan. Therefore, consider these issues with great care. Many times the reason for holding assets in a particular way or naming beneficiaries makes a great deal of sense. A married couple without estate tax concerns and a stable family situation, for example, might hold everything jointly or designate each other as beneficiaries. Other times this is not at all appropriate. What is important is to clearly understand what you are doing in titling assets or naming beneficiaries, why you are doing it, and the consequences or pitfalls of what decisions you make. Assets may be titled in a variety of ways. This information outlines the most common ways titles are held. It also discusses issues that involve beneficiary designations.

Download the Holding Title to Assets and Designating Beneficiaries guide here.

This is not intended to be legal advice, but rather, to provide accurate information regarding estate, trust and wealth preservation. For more information regarding these matters, please contact any member of our estate, trust and wealth preservation group: James A. Rapp ( jrapp@srnm.com ), Ted Niemann ( tniemann@srnm.com ), Harold B. Oakley ( hoakley@srnm.com ), Michael A. Bickhaus ( mbickhaus@srnm.com ), Jeffrey L. Terry ( jterry@srnm.com ) or Joseph B. Ott ( jott@srnm.com ). Our telephone number is (217) 223-3030. Please visit our website: www.srnm.com. We invite and welcome all questions and comments. © 2013 Schmiedeskamp Robertson Neu & Mitchell LLP Vol. 2015-1