42 LONGISLANDPRESS.COM • FEBRUARY 2022
POWER OF YOUR ATTORNEY
NON-PROBATE ASSETS:
ARE YOUR BENEFICIARY
DESIGNATIONS UP-TO-DATE?
BY JENNIFER B. CONA, ESQ.,
CONA ELDER LAW
Up-to-date beneficiary
designations are an important
part of maintaining the health of
your overall estate plan. When
naming a beneficiary to an
account, such as life insurance,
retirement plans, annuities,
accounts POD (payable on
death), or TOD (transfer on
death), such assets will pass
outside of your Will, referred
to as non-probate assets. This
means that your heirs can
receive these assets right away,
without any court involvement
or oversight. But beware:
without careful planning, your
well-crafted estate plan may be
thrown completely off balance if
you did not properly account for
these non-probate assets.
Just as you may specify who
will inherit how much and
when in your Will, you may
also do so when naming a
beneficiary to non-probate
assets or accounts. However,
because financial accounts
pass to beneficiaries outside of
your Will, it’s crucial to plan so
that these non-probate assets
do not unintentionally pass
to a minor or to a beneficiary
receiving government benefits
that may be affected by a direct
inheritance. For example, you
may wish to leave assets to
certain heirs in trust until a
given age or even for their
lifetime. This is certainly the
case for minor beneficiaries
and often the case in blended
families. This is also very
important for children with
special needs who can be
beneficiaries but for whom the
proceeds must be directed into
a Special Needs Trust.
As with your estate plan, do not
“set it and forget it”: changes
in family
or financial
circumstances
may warrant updating your
beneficiaries. You should update
your beneficiary designations if
there are births, deaths, divorces,
or significant changes in your
or your family members’ health
care needs. For example, if you
recently had a grandchild, you
may wish to add them as a
beneficiary. Under New York
law, a divorce automatically
revokes beneficiary designations
in favor of the ex-spouse, but
only after the divorce decree is
finalized. Divorce proceedings
can often last quite a while,
so you should not rely on the
automatic revocation.
If you need assistance in
integrating or updating your
beneficiary designations with
your overall estate plan, our
experienced Elder Law and
Trusts and Estates attorneys
will guide you through the
options and issues, answer
your questions, and provide
valuable insight.
Jennifer B. Cona, Esq. is the
Founder and Managing Partner
of Cona Elder Law, an awardwinning
law firm concentrating
in the areas of elder law, estate
planning, estate administration
and litigation, and health care
law. The firm has been ranked
the #1 Elder Law Firm by
Long Island Business News for
eight consecutive years. For
additional information, visit
www.conaelderlaw.com.
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