Buck Law Group, P.A.

We will say it again for the people in the back…..
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Add or update pay-on-death beneficiaries on your financial accounts‼️

Ed Lyon, a pioneering urologist at the University of Chicago, wanted his retirement account to go to his 36 grandchildren. Seven years after his death, his heirs are still fighting to make that happen.

The family’s appeals to both the university and the account’s record-keeper, TIAA, were rebuffed. They were told they hadn’t provided the proper paperwork, leaving Lyon’s funds, worth $1.2 million at his death, in a state of limbo.

The case turns on a narrow interpretation of the law, but showcases a big problem in the world of estate planning.

People often fail to realize what’s required to update the beneficiaries for their accounts. What seems like a mundane to-do item while the account holder is alive later becomes a major headache for would-be heirs.

Read more: 🔗 https://on.wsj.com/48YCmgQ

If you need legal assistance beyond probate and estate planning, here is your chance to get those questions answered for free ‼️