Beneficiary Designations
Beneficiary designations transfer assets after your death to a spouse, child, family member or another person or entity you selected. Payable-on-death, transfer-on-death and beneficiary designations avoid probate and can directly distribute assets that include bank accounts, life insurance policies, annuities, retirement accounts, real estate and vehicles. Beneficiary designations take precedence over conflicting distributions made by wills or trusts, so they need to be carefully coordinated.