Vanguard recently sent their clients a notice that they would no longer allow their clients to name different beneficiaries for multiple IRA accounts and would be changing the beneficiaries to whomever was named last.
If you have a Florida Estate Plan that uses POD or beneficiary designations, this could significantly change your estate planning.
It is important to check your designations on all accounts.
– Make sure all accounts have beneficiaries to avoid a Florida Probate.
– Consider using a Floria Revocable Trust to manage your beneficiaries. A Florida trust can manage all of the beneficiaries in one documents. Remember that if you are leaving a percentage to a Charity to deal with this properly so there are no adverse tax and distribution consequences.
If you have questions about payable on death designations, beneficiaries, or joint accounts, please contact a Florida Estate Planning Lawyer to help you understand the implications and benefits of using a Florida Trust.