Wasinger Law Office, PLLC

💞As a hard-working individual, your journey from your first job to your current achievements deserves to be celebrated and protected!

Ensure your life's work continues to impact future generations. 🧑‍🍼

We can help you preserve not just your assets, but your values and life lessons too.

𝐋𝐚𝐛𝐨𝐫 𝐃𝐚𝐲 𝐑𝐞𝐟𝐥𝐞𝐜𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐘𝐨𝐮𝐫 𝐋𝐞𝐠𝐚𝐜𝐲

Labor Day, observed in the United States on the first Monday in September, is not only the unofficial end of summer but also a celebration of the contributions and achievements of American workers. Originating from the labor movement and the quest for better working conditions, Labor Day also provides an opportunity to think about your personal labor or the work you’ve put into building your life. Your home, your family, your career – these all came about from hard work! So, as you’re firing up the grill or relaxing by the beach this Labor Day, I invite you to reflect on everything you’ve worked hard for throughout your life. In fact, let’s do it together.

𝐑𝐞𝐟𝐥𝐞𝐜𝐭𝐢𝐨𝐧 𝐍𝐨. 𝟏: 𝐑𝐞𝐦𝐞𝐦𝐛𝐞𝐫 𝐖𝐡𝐞𝐧?

Do you remember your first job? It may have been babysitting for a neighbor or mowing lawns when you were a kid. Or, maybe you had a part-time job in high school in the evenings and on weekends. As you grew up and became a young adult, how did it feel to have that first taste of independence? Pretty good, probably! For the first time, you were able to decide what to do with your time and money, and that felt extremely empowering, right? You may have also worked hard for this financial independence, with a full schedule balancing classes, homework, extracurricular activities, and a part-time job (Can you even imagine doing that now? Where does the energy go, anyway?!).

But your hard work didn’t stop there. Even if you did not have a part-time job with financial independence as a young person, you probably still worked hard. You worked hard in school to get good grades, or you worked hard at sports or playing a musical instrument.

There are many different types of work, and one thing they all have in common is the sense of pride and accomplishment when you see the results. That feeling is hard to beat and so worth all the blood, sweat, and tears.

So before we move on, take a minute to remember. Remember your accomplishments as a young person and how you felt as you tasted independence for the first time. What’s coming up for you that you’d want to share with your kids or nieces and nephews so they learn from your experience?

𝐑𝐞𝐟𝐥𝐞𝐜𝐭𝐢𝐨𝐧 𝐍𝐨. 𝟐: 𝐈𝐧 𝐭𝐡𝐞 𝐓𝐡𝐢𝐜𝐤 𝐨𝐟 𝐈𝐭

As you grew into the adult you are now, your work evolved. You may have spent many years in school completing a degree program. And you probably got that first “real” job, whether you went to college or not. Another first in your life was when you had a full-time job making full-time money - but also with full-time adult responsibilities.

During this phase in your life, you may have bought your first home and had children. You may have also taken on debt - in the form of a mortgage or a school loan. If so, you’ve no doubt worked hard to make your payments in full and on time.

This is the stage of life where you’re in the thick of it. You may even feel like all you do is work - even if it’s work you aren’t being paid for. But isn’t this a wonderful time, too? If you have children, you work hard to teach them what they need to know to become successful adults. You also support them financially to ensure they have all they need in life. And when you see them grow into adulthood, you see the results of all your hard work for them as they become caring, compassionate, productive members of society.

You've undoubtedly worked hard if you start a business during this time. You probably gave most of your time, energy, and attention (and maybe even money) to make your dream a reality. You’ve worked hard to create jobs for other people who need them. You’ve created a solution to a problem that didn’t exist before you came along.

Now, take a moment to think about what you’ve accomplished with all your hard work. Have you enriched other people’s lives? Have you supported the people you love most to grow into their full potential? Have you created something in the world that wasn’t there before? What else? Think about not only the tangibles, like creating a business or succeeding in a demanding career, but also the intangibles, like the love you give and receive.

How do you feel as you reflect on your life at this stage? Has all the hard work been worth it? What do you want to pass on to the people you love?

𝐑𝐞𝐟𝐥𝐞𝐜𝐭𝐢𝐨𝐧 𝐍𝐨. 𝟑: 𝐖𝐡𝐚𝐭 𝐇𝐚𝐩𝐩𝐞𝐧𝐬 𝐍𝐞𝐱𝐭?

As you become older - and wiser - your work shifts again. At this stage, you may retire from a career or become ready to exit a business, and if you have children, you’ve seen them in their own careers and have their own families. Now is the time to truly enjoy all the fruits of your labor. It’s also time to think about what happens next.

Assuming you live long enough to reach this stage of life, what can you do to ensure that all the hard work you spent throughout your life isn’t wasted? What can you do to make sure that when you’re gone, the assets you’ve worked hard for don’t get lost and turned over to the Department of Unclaimed Property, subject to the claims of creditors or squandered by irresponsible heirs?

More importantly, what work can you do to ensure your family doesn’t end up in court and conflict with each other, potentially resulting in irretrievably broken relationships? After all the time, energy and attention you’ve put into those you love, you don’t want to see this happen. So the work here involves making big decisions and documenting those decisions and communicating them well with a Life & Legacy Plan.

A Life & Legacy Plan is a complete estate plan that ensures your life’s work isn’t lost, wasted or results in a mess for the people you love. It ensures your hard-earned assets are passed to those you want in the way you want when you’re no longer here, and it ensures your wishes are honored if you become incapacitated. A Life & Legacy Plan also preserves the family relationships you’ve worked to cultivate by keeping your family out of court and conflict. Finally, a Life & Legacy helps you pass on what matters most: your legacy.

Before you think, “𝘓𝘦𝘨𝘢𝘤𝘺? 𝘛𝘩𝘢𝘵 𝘥𝘰𝘦𝘴𝘯’𝘵 𝘢𝘱𝘱𝘭𝘺 𝘵𝘰 𝘮𝘦. 𝘕𝘰 𝘰𝘯𝘦 𝘪𝘴 𝘦𝘷𝘦𝘳 𝘨𝘰𝘪𝘯𝘨 𝘵𝘰 𝘱𝘶𝘵 𝘮𝘺 𝘯𝘢𝘮𝘦 𝘰𝘯 𝘢 𝘩𝘰𝘴𝘱𝘪𝘵𝘢𝘭 𝘸𝘪𝘯𝘨!,” I want to stop you right there. Legacy isn’t just for the rich or philanthropic; that’s a misconception. Legacy is the way you’re remembered. And you can control your legacy with a Life & Legacy Plan. When you work with me, not only will we ensure your assets are distributed and used the way you want, but we’ll also capture the fruits of your life’s work in the form of a Life & Legacy Interview. My clients tell me that this is their favorite and most meaningful part of the process, bar none. Book a call with me using the link below to learn more.

𝐖𝐚𝐫𝐧𝐢𝐧𝐠! 𝐋𝐢𝐟𝐞 𝐃𝐨𝐞𝐬𝐧’𝐭 𝐀𝐥𝐰𝐚𝐲𝐬 𝐆𝐨 𝐚𝐬 𝐏𝐥𝐚𝐧𝐧𝐞𝐝 𝐒𝐨 𝐃𝐨𝐧’𝐭 𝐖𝐚𝐢𝐭 𝐔𝐧𝐭𝐢𝐥 𝐈𝐭’𝐬 𝐓𝐨𝐨 𝐋𝐚𝐭𝐞

Ideally, you live to make it through each of the stages above, but it’s possible you may not. I’m not trying to scare you but it’s important for us to remember that death is a part of life. The one thing we don’t know is the exact time death will find us. If we don’t face it before something happens, we leave the people we love with a big, expensive, time-consuming mess. The sooner we face our mortality and plan for the inevitable, the greater the chance your legacy will be one of love. And, you’ll likely start making even better choices about the use of your resources during your life - hence, why we call it Life & Legacy.

Estate planning is for everyone, including you, no matter your stage of life. In fact, you already have an estate plan; you just may not know what it is. If you haven’t created your own plan, specifying your wishes and outlining how you want it all to go if you become incapacitated or when you die, your State has one for you. And chances are, it’s not what you want. When you create your own, you get to override what the State has planned for you. You get to determine how you want your life’s work remembered on your terms. After how hard you’ve worked, don’t you deserve it?

𝐇𝐨𝐰 𝐖𝐞 𝐇𝐞𝐥𝐩 𝐒𝐞𝐜𝐮𝐫𝐞 𝐘𝐨𝐮𝐫 𝐋𝐢𝐟𝐞’𝐬 𝐖𝐨𝐫𝐤

Your life's work is a testament to your dedication, perseverance, and love. From your first job to your current achievements, you've built a legacy worth protecting. This Labor Day, as you reflect on your journey, consider how you want that legacy to endure. Take control of your future and protect what matters most by creating a comprehensive Life & Legacy Plan with us. Book a consultation call today to learn how we can tailor a plan that honors your life's work and ensures your legacy lives on. Let's work together to secure your family's future and celebrate the fruits of your labor for generations to come.

Click the link in the comment section below to schedule a complimentary 15-minute consultation to learn more.

Warmly,

Matt Wasinger, Attorney and Counselor at Law

This article is a service of Matt Wasinger, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

As you enjoy the upcoming Labor Day holiday, have you considered the true fruits of your labor? 🍓🍏

You’ve worked hard to create the life you lead, so take some time to reflect on how you got where you are, as well as what you want your future to look like. 👀

We invite you to think about the impact your work has had on others and show you how to secure your legacy on your terms.

Are you certain your family knows what assets you have? 😟

If something were to happen to you, could they find everything they need? 😳

If not, you’re not alone.

Many people don’t have their finances organized for themselves, and certainly not for the loved ones they leave behind.

Learn what happens to unknown assets (hint: it’s not good) and how you can make sure your money goes to your loved ones and isn’t lost. 💸

𝐖𝐨𝐮𝐥𝐝 $𝟐𝟑,𝟎𝟎𝟎 𝐌𝐚𝐤𝐞 𝐚 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞 𝐭𝐨 𝐘𝐨𝐮?

Imagine discovering thousands of dollars that belong to you, only to be told you can't have it. This frustrating scenario became a reality for a woman named Dale Benerofe, a Georgia resident, when she found $23,000 in unclaimed property from her deceased parents. Her tragic story sheds light on a little-known issue that affects millions of Americans: unclaimed property.

In this article, you'll discover what unclaimed property is, how to find it, and why proper estate planning could have ensured Ms. Benerofe received her inheritance. But before we dive into her story, let’s get clear on what unclaimed property is, and how it could impact you and your family.

𝐖𝐡𝐚𝐭 𝐈𝐬 𝐔𝐧𝐜𝐥𝐚𝐢𝐦𝐞𝐝 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲?

Unclaimed property refers to financial assets that have been abandoned or forgotten for a specific period, typically three to five years. The financial institutions can’t hold on to your money indefinitely. If no one comes forward to claim the assets, the law requires these assets to be turned over to the state for safekeeping.

Typical forms of unclaimed property include:

• Forgotten checking or savings accounts
• Uncashed dividends or payroll checks
• Abandoned stocks, bonds, or brokerage accounts
• Unclaimed life insurance proceeds
• Refunds and trust distributions
• Forgotten certificates of deposit and annuities

Often, these assets end up unclaimed because someone dies and their loved ones have no idea that the assets exist. And, it’s far more common than you may think, to the tune of approximately $60 billion across the US.

Consider your personal reality for a minute. If something happened to you tomorrow, would your family know exactly what you have and where to find it? Are you certain they wouldn’t miss something? If you’re like most people, the answer is no, you aren’t certain. What you are likely certain about is that your family would overlook some of your assets if you were to become incapacitated or die tomorrow. And, if they did, those assets could either disappear entirely or end up in your state’s department of “unclaimed property.”According to the National Association of Unclaimed Property Administrators, approximately one in seven Americans has some form of forgotten property owed to them. As of this writing, the total amount of unclaimed property nationwide is between $50 billion and $70 billion. You read that right. Billions of dollars. With a sum that high, it’s easy to see how it’s possible you, too, may have unclaimed property belonging to you.

𝐖𝐡𝐚𝐭 𝐭𝐡𝐞 𝐏𝐫𝐨𝐜𝐞𝐬𝐬 𝐋𝐨𝐨𝐤𝐬 𝐋𝐢𝐤𝐞

Finding out if you have unclaimed property can be an arduous process. Even though you can search online, you’ll go through many steps before (or if) you can receive your money. Here’s what the process looks like:

𝐒𝐭𝐞𝐩 𝟏—𝐂𝐡𝐞𝐜𝐤 𝐦𝐮𝐥𝐭𝐢𝐩𝐥𝐞 𝐬𝐭𝐚𝐭𝐞𝐬. Conduct a search in your current state of residence and any other states where you've lived, worked, or conducted business.

𝐒𝐭𝐞𝐩 𝟐 - 𝐒𝐞𝐚𝐫𝐜𝐡 𝐯𝐚𝐫𝐢𝐚𝐭𝐢𝐨𝐧𝐬 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐧𝐚𝐦𝐞. Try different spellings and include your middle name or initial to ensure a thorough search. If your name has changed over the years, you must also check your former names. Again, search all variations of your name in states where you’ve lived, worked, or conducted business.

𝐒𝐭𝐞𝐩 𝟑 - 𝐅𝐢𝐥𝐞 𝐚 𝐜𝐥𝐚𝐢𝐦. If you find property owed to you, you must file a claim form (usually online) with the state holding your assets. You’ll need to file a form in every state where your assets are held; there is no one-form-to-rule-them-all.

𝐒𝐭𝐞𝐩 𝟒 - 𝐆𝐚𝐭𝐡𝐞𝐫 𝐝𝐨𝐜𝐮𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐩𝐫𝐨𝐯𝐞 𝐲𝐨𝐮𝐫 𝐢𝐝𝐞𝐧𝐭𝐢𝐭𝐲 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐢𝐝𝐞𝐧𝐭𝐢𝐭𝐲 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐥𝐨𝐯𝐞𝐝 𝐨𝐧𝐞(𝐬). Be prepared to provide documentation to prove your identity and your right to the property. This may include proof of address (at any address you’ve lived), proof of name change, or proof of marriage or divorce. You’ll need to provide similar documentation for your loved ones if you have a claim to their property.

Finally, be patient. Depending on the state and the complexity of your claim, the claim process can take weeks, months, or even years.

𝐀 𝐑𝐞𝐚𝐥-𝐋𝐢𝐟𝐞 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞 𝐚𝐧𝐝 𝐂𝐚𝐮𝐭𝐢𝐨𝐧𝐚𝐫𝐲 𝐓𝐚𝐥𝐞

Even if you take the above steps to find the property and make a claim for it, you may not be able to receive the money rightfully owed to you. This is what Dale Benefore’s story can teach us.

Ms. Benefore discovered $23,000 that had belonged to her parents and should have been passed on to her after their deaths. She was surprised and excited because that sum would have made a significant difference to her and her family. So, in May of 2023, she filed a claim for the money with the State of Georgia’s Department of Revenue. As requested by the State, she provided her parents’ death certificates and other documentation proving their deaths. However, when the department requested her father’s driver's license, she couldn’t provide it. It had been long gone.

As of this writing - more than a year since Ms. Benefore filed her claim - she’s still fighting for her money. She’s frustrated, saying the process has been time-consuming and disheartening, and that this is not what her parents would have wanted for her. In a news interview, she claimed her “mom would be livid” if she knew what Benefore has been through.

𝐓𝐡𝐞 𝐄𝐚𝐬𝐲 𝐖𝐚𝐲 𝐭𝐨 𝐄𝐧𝐬𝐮𝐫𝐞 𝐘𝐨𝐮𝐫 𝐀𝐬𝐬𝐞𝐭𝐬 𝐀𝐫𝐞𝐧’𝐭 𝐋𝐨𝐬𝐭

There’s an easy solution to this problem and a way to ensure no assets get lost and turned over to the government. It’s called Life & Legacy PlanningⓇ, and it’s the type of estate planning I do. A well-crafted Life & Legacy Plan includes a comprehensive inventory of assets that stays updated over time so your loved ones know exactly what you have when something happens to you. If her parents had had a Life & Legacy Plan, Ms. Benefore would have received the $23,000 years ago, without the time and stress of fighting with the State of Georgia.

My Life & Legacy Planning process starts with education about what would happen to the assets you have, and how you want them distributed after you die. From there, we’ll go through the many options available to you so you can pick the right plan that works for you and your family.

We work with you throughout the planning process to create a thorough inventory of your assets that’s kept private (and maintained and updated throughout your life) until your family needs it. With a Life & Legacy Plan, you have peace of mind knowing that your loved ones can’t access your money while you’re alive (unless you want them to), but they’ll also be able to get to it easily after you’re gone. No worrying about losing your hard-earned money to the government.

And if you’ve already created your Life & Legacy Plan with us, you already know how important it is to keep your asset inventory updated, so keep an eye out for our reminders to review and update your plan. However, if you know now that you need to update your plan due to a life change or a change to your assets, don’t hesitate to call us right away.

𝐑𝐞𝐚𝐝𝐲 𝐭𝐨 𝐒𝐞𝐜𝐮𝐫𝐞 𝐘𝐨𝐮𝐫 𝐀𝐬𝐬𝐞𝐭𝐬? 𝐖𝐞 𝐂𝐚𝐧 𝐇𝐞𝐥𝐩

There is way too much money in the State Treasury Departments not to take notice. But by reading this article and educating yourself, you’re already on the path to protecting your assets for your loved ones. We can guide you the rest of the way.

As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your plan works when your family needs it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, and your property protected. It’s the last and greatest gift you can give to those you love most.

Click the link in the comment section below to schedule a complimentary 15-minute consultation to learn more.

Warmly,

Matt Wasinger, Attorney and Counselor at Law

This article is a service of Matt Wasinger, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

Could your family access your assets if you were no longer here? 😟

If not, your hard-earned money will be handed over to the government; it’s the law.

This is called “unclaimed property,” and it can be a major issue without proper estate planning. 📄

Ensure your assets go to the people you want, rather than to your State’s Treasury Department.

💞No one wants to think about it, but it’s important to plan for what happens after we die.

And if you have anyone in your life that you love, you need a comprehensive estate plan that stays updated throughout your lifetime.

With our Life & Legacy PlanningⓇ process, we do the heavy lifting for you 💪and make it as easy as possible to get your plan in place.

📞Let's discuss how to create your plan today!

𝐖𝐨𝐮𝐥𝐝 𝐘𝐨𝐮 𝐌𝐚𝐤𝐞 𝐓𝐡𝐢𝐬 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 𝐃𝐨𝐥𝐥𝐚𝐫 𝐌𝐢𝐬𝐭𝐚𝐤𝐞?

Imagine this: You're in your twenties, just starting your career. You fill out a form at work, naming your live-in significant other as the beneficiary of your retirement account. You start contributing to your retirement account, and it begins to grow. Fast forward 28 years - you've long since ended that relationship, lived a full life, and then died. But you never changed that beneficiary designation, and now that ex-partner is entitled to your million-dollar retirement nest egg while your family is left with nothing.

Sound far-fetched? It's not. This is precisely what happened in a high-profile lawsuit involving Margaret Losinger and her former boyfriend, Jeffrey Rolison, and his estate and Proctor and Gamble, the Company he worked for during those 28 years.

Here’s a closer look at this shocking real-life story, the lessons we can learn, and how having a trusted advisor at every stage of life can protect you from making a million-dollar mistake like this or any other mistakes that you just might be overlooking.

𝐖𝐡𝐚𝐭 𝐇𝐚𝐩𝐩𝐞𝐧𝐞𝐝?

In the 1980s, Jeffrey Rolison dated Margaret Sjostedt, and the two lived together. Rolison worked at a Procter & Gamble (P&G) plant, where he signed up for a profit-sharing and savings plan. In 1987, he listed Sjostedt as the sole beneficiary of his retirement account. The relationship ended two years later, and both moved on. Sjostedt eventually married, taking on the last name Losinger.

Rolison, however, never updated his beneficiary designation on his retirement plan. In 2015, Rolison passed away at age 59, single and childless, with no will and no guidance on who should inherit his assets. His retirement account, which had grown to $1.15 million, was still designated to Losinger, nee Sjostedt.

Rolison’s brothers, Brian and Richard, were shocked when they learned that Losinger was the beneficiary of Rolison’s retirement account. They believed their brother wouldn't have intended for his long-ago ex-girlfriend to receive his retirement savings. The brothers filed a lawsuit against P&G and Losinger in 2017, trying to get the money directed to Rolison’s estate.

On April 29, 2024, an appeals court issued an order, ruling that Losinger was entitled to the money. After fighting for four years, Rolison’s family lost their claim, the million dollars in Rolison’s retirement account, and all the legal fees and court costs invested in the fight. Because we have no doubt you wouldn’t want this to happen to your family, read on …

𝐖𝐡𝐲 𝐄𝐯𝐞𝐧 “𝐒𝐢𝐦𝐩𝐥𝐞 𝐄𝐬𝐭𝐚𝐭𝐞𝐬” 𝐑𝐞𝐪𝐮𝐢𝐫𝐞 𝐓𝐫𝐮𝐬𝐭𝐞𝐝 𝐆𝐮𝐢𝐝𝐚𝐧𝐜𝐞

Before we go on, I’ll clarify what estate planning is, how beneficiary accounts factor in and why you likely need the guidance of a trusted advisor, even if you think you don’t have an estate, your estate is “simple” or you don’t really need an estate plan.

𝐖𝐡𝐚𝐭 𝐞𝐬𝐭𝐚𝐭𝐞 𝐩𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐢𝐬. Many people consider estate planning something only needed by the wealthy or the elderly. As you can see from this case, that’s just not true. Rolison wasn’t wealthy when he chose to name Losinger as the beneficiary of his retirement account. And he probably wasn’t wealthy when they broke up. Nevertheless, not having an estate plan or the trusted guidance he would have needed to know what he needed, he ended up making his ex-girlfriend a wealthy woman and cost his siblings quite a lot of time and money in the process.

At the most basic level, estate planning is about ensuring all of your assets pass to the people you want, in the way you want, with the right guidance and support to ensure that happens with the least effort, cost and mess possible. And, it’s about ensuring that if you become incapacitated, your wishes are known, honored and able to be followed with the least amount of cost and most amount of privacy possible.

Most importantly, 𝐞𝐬𝐭𝐚𝐭𝐞 𝐩𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐢𝐬 𝐚𝐛𝐨𝐮𝐭 𝐲𝐨𝐮𝐫 𝐜𝐡𝐨𝐢𝐜𝐞𝐬 𝐚𝐧𝐝 𝐲𝐨𝐮𝐫 𝐟𝐫𝐞𝐞𝐝𝐨𝐦. So, how important is it to you that you have a say in what happens to you, your hard-earned assets, and your loved ones when the time comes? If it’s important, you need an estate plan. It’s truly as simple as that. Otherwise, the government gets to decide on your behalf. When you create an estate plan, your wishes override the government’s plan for you and your loved ones.

𝐇𝐨𝐰 𝐁𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐫𝐲-𝐃𝐞𝐬𝐢𝐠𝐧𝐚𝐭𝐞𝐝 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐅𝐚𝐜𝐭𝐨𝐫 𝐈𝐧𝐭𝐨 𝐘𝐨𝐮𝐫 𝐄𝐬𝐭𝐚𝐭𝐞 𝐏𝐥𝐚𝐧

𝐁𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐫𝐲-𝐝𝐞𝐬𝐢𝐠𝐧𝐚𝐭𝐞𝐝 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬 - 𝐥𝐢𝐤𝐞 𝐫𝐞𝐭𝐢𝐫𝐞𝐦𝐞𝐧𝐭 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐨𝐫 𝐥𝐢𝐟𝐞 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 - 𝐚𝐫𝐞 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐲𝐨𝐮𝐫 𝐞𝐬𝐭𝐚𝐭𝐞 𝐩𝐥𝐚𝐧. Beneficiary designations override the government’s plan for you, and they also override whatever you might have written in your will or trust, if you created one.

From the case I shared here, we learn that Rolison did not have a will, but it would not have made a difference even if he had. Beneficiary designations come before any will or trust, even if you made the designations years ago.

Beneficiary forms are powerful documents. They alone determine who gets your retirement accounts, life insurance policies, and bank accounts, often taking precedence over your will. If you filled out a beneficiary form years ago and haven't updated it, the person named on that form will likely receive the assets, regardless of your current wishes. So the biggest takeaway from the Rolison/Losinger story is that beneficiary accounts are an integral part of your estate plan and should be reviewed on a regular basis. This is why we include a review of all of your accounts, your beneficiary designations and an inventory of all of your assets - plus we have updating programs for ongoing review - in all of our Life & Legacy Plans.

𝐖𝐡𝐲 𝐘𝐨𝐮 𝐍𝐞𝐞𝐝 𝐑𝐞𝐠𝐮𝐥𝐚𝐫 𝐑𝐞𝐯𝐢𝐞𝐰𝐬 𝐨𝐟 𝐘𝐨𝐮𝐫 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐚𝐧𝐝 𝐁𝐞𝐧𝐞𝐟𝐢𝐜𝐢𝐚𝐫𝐲 𝐃𝐞𝐬𝐢𝐠𝐧𝐚𝐭𝐢𝐨𝐧𝐬

Rolison’s case highlights the fact that it’s easy to forget about your beneficiary designations, especially if they were filled out years ago. However, the case also tells us that neglecting to update your accounts can lead to unintended consequences and legal battles for your loved ones.

In Rolison’s case, his brothers argued that P&G failed to adequately inform him about his beneficiary designation. They claimed the company provided insufficient warnings when it changed service providers and in its monthly statements. However, most companies do not remind you to review and update your beneficiary accounts. When was the last time your bank reminded you to review the beneficiary designations on your checking account (if ever)? What about your life insurance company? And if not, have you taken it upon yourself to check your beneficiary designations regularly? Your life is busy enough. Is this a priority?

If not, it should be. In its decision, the court stated that it ruled in favor of P&G and Losinger because the responsibility for keeping beneficiary information current rests on the individual.

𝐇𝐨𝐰 𝐀𝐜𝐜𝐨𝐮𝐧𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 𝐌𝐚𝐤𝐞𝐬 𝐀𝐥𝐥 𝐭𝐡𝐞 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞

Your life is busy. Sometimes, just making it through the day with all your responsibilities can be a challenge, right? Probably the last thing on your mind is planning for your death and incapacity. And maybe the second-to-last thing is reviewing and updating your beneficiary accounts. You’re probably thinking you can do it later.

But the truth is this: “later” could be tomorrow. We all know we will die; we just don’t know when. Death doesn’t care about your age or how busy you are. I’m not saying this to scare you. It’s a fact, and I want you to be prepared so that what happened to the Rolison family won’t happen to yours. Death doesn’t have to be scary. When you plan for it, you’ll find that you can live your life with more purpose and peace of mind, knowing you’ve done the right thing for your loved ones.

If this sounds good to you, know that having a trusted advisor who is there for you throughout your lifetime can make all the difference. That’s why my Life & Legacy PlanningⓇ process includes regular check-ins and reviews of your plan, including your beneficiary accounts. The best part is you never have to think about it on your own! Unlike most lawyers who do estate planning, I will remind you on a regular basis to update your plan - and keep you accountable for doing so. I’ll also be there for you as life changes so your plan reflects your current wishes. Together, we’ll make sure your family inherits your accounts, not an ex-girlfriend you dated 40 years ago.

𝐖𝐞 𝐃𝐨 𝐭𝐡𝐞 𝐇𝐞𝐚𝐯𝐲 𝐋𝐢𝐟𝐭𝐢𝐧𝐠 𝐒𝐨 𝐘𝐨𝐮 𝐃𝐨𝐧’𝐭 𝐇𝐚𝐯𝐞 𝐓𝐨

When it comes to planning for your death and incapacity, we do the heavy lifting for you, freeing you to concentrate on your responsibilities to your family, your work, and yourself. As a Personal Family LawyerⓇ Firm, we help you create a Life & Legacy Plan so that your loved ones stay out of court and conflict and that your plan works when you need it to. Once you’ve created your plan, you can rest easy knowing your wishes will be honored, your loved ones cared for, your property protected, and your plan updated throughout your lifetime.

And if you’ve already created your Life & Legacy Plan with us, keep an eye out for our reminders to review and update your plan. If you know now that you need to update your plan due to a life change, don’t hesitate to call us right away.

Click the link in the comment section below to schedule a complimentary 15-minute consultation to learn more.



Warmly,

Matt Wasinger, Attorney and Counselor at Law

This article is a service of Matt Wasinger, Personal Family Lawyer®. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Family Wealth Planning Session, ™ during which you will get more financially organized than you’ve ever been before, and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this $750 session at no charge.

😟Have you ever thought about what would happen to your family if you were no longer here?

It's hard to think about for sure, but so important for the ones you love most. This week's article reveals a shocking real-life story where an outdated beneficiary form led to a million-dollar mistake. 💸

Learn how to avoid this pitfall and protect your family's future.

👉 Get the details in this week’s blog. Link in the comment section below.