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Proper handling of retirement assets important in estate planning

Many people put a lot of hard work and effort into building up their retirement assets. Thus, it is natural for a person to want to have a say in what happens with such assets if they pass away before using all of them. 

Thankfully, there are ways for individuals to have such a say. One of the main ways a person can have their voice heard when it comes to the after-death distribution of their retirement assets is through their beneficiary designations. For most retirement assets, what happens to them when the person they belong to passes away is controlled by a beneficiary designation on the asset. 

There are many different options a person can have when it comes to the beneficiary designations on their retirement assets. They could name an individual as a beneficiary, such as a family member or other loved one. Sometimes, who a person wants as their beneficiary changes over time. When a person's wishes regarding who would get their retirement assets upon death change after they have made a beneficiary designation, it can be important for them to update their designation to reflect their new wishes. 

A person could also name a trust as a beneficiary for a retirement asset. When this occurs and a person passes away, the trust's terms control the eventual distribution of the assets. There are a variety of different reasons why a person might opt to take this strategy rather than just naming an individual in the beneficiary designation. When a person decides to name a trust as a beneficiary for their retirement assets, it can be important to make sure the terms of the trust are right given what the person specifically wants to have happen with the assets.

Our firm offers many different estate planning services to individuals here in Texas, including beneficiary designation guidance for retirement assets. We can help individuals with developing beneficiary designation strategies that match their desires regarding their retirement assets.   

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