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Estate Planning Attorneys Addison, IL

Name Beneficiaries 

You have had a lifetime to accrue treasures that are both valuable monetarily and valuable to your heart. Ensure that your assets are properly dispersed to the loved ones of your choosing by naming specific beneficiaries. Beneficiary designations are also important documents that help your loved ones avoid probate, saving them time and money.

Once you have designated the beneficiary to receive an asset it is important to document that designation so your heirs will know where to look for assets and who is named as the beneficiary. More than once in working with families in settling an estate we come across assets that have a beneficiary. When we contact the company that is holding the assets, we are told that they can only release information to the beneficiary. When we ask who is the beneficiary so we can let the beneficiary know to contact the company, the company tells us that they cannot release that information. You see the frustration that this causes. We now have to contact potential beneficiaries and suggest they contact the company to see if they have any money coming. Talk about frustration, you get the picture. Document where you are holding assets, the company, the account number, the password, and, if there are beneficiaries, who they are. There are millions of dollars of unclaimed assets because the beneficiaries didn’t know they had been names to receive the money.

Take advantage of the benefits that come with beneficiary designation with the help of the estate planning attorneys at Knauf Law (previously Pankau Law). Our Addison office provides legal counsel to clients throughout Chicagoland, including Cook, DuPage, and Kane counties. Schedule an appointment today!

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