Tuesday, February 3, 2009

The Importance of Beneficiary Designations for Retirement Plans and other accounts

A case recently recently decided by the U.S. Supreme Court highlights the importance of making and correcting those beneficiary designations on those retirement plans and other accounts.

Karri Kennedy, the daughter of a former Dupont Inc. employee had sought her share of her father's retirment plan benefits. She claimed that he had said that he wanted it to go to her but had never changed his beneficiary designations despite getting a divorce from Karri's mother. Instead the court ruled that the mother was entitled to the retirement plan as the designated beneficiary.

Even the United States Supreme Court thinks that beneficiary designations are important. They are so important and too many estate planning attorneys never advise their clients to pay attention to them.

ABOUT CHRISTOPHER R. TWINING
Christopher R. Twining, Attorney at Law, based in the Westwood Neighborhood of Los Angeles is an innovative estate planning, probate & trust administration, and elder law attorney, who offers in home services for busy and movement challenged clients. The Law Office of Christopher R. Twining serves the cities of Los Angeles, Santa Monica, Culver City, Beverly Hills, West Hollywood, Pasadena, Burbank and the neighborhoods of West Los Angeles, Westwood, Brentwood, Bel-Air, Pacific Palisades, Palms, Pico-Robertson and Encino. Dedicated to helping individuals and couples prepare comprehensive estate plans according to their wishes; he offers them these services at an affordable price, in the relaxed comfort of their homes. For more information about his services, please visit http://www.twininglaw.com or call (310) 492-5990.

CHRISTOPHER R. TWINING
LAW OFFICES OF CHRISTOPHER R. TWINING
1440 VETERAN AVENUE, SUITE 509
LOS ANGELES, CALIFORNIA 90024
(310) 492-5990 Fax (310) 775-9774
http://www.twininglaw.com