The mistake of failing to properly designate the beneficiary on your life insurance policies can have substantial consequences after your death. Some of the mistakes to avoid include:

  • Not naming a beneficiary;
  • Not naming contingent beneficiaries;
  • Not properly identifying beneficiaries;
  • Not removing beneficiaries when appropriate;
  • Naming minors as beneficiaries;
  • Naming multiple beneficiaries; and
  • Naming beneficiaries that could lose entitlement to other benefits.

The attorneys at Brooks, Tarulis & Tibble, LLC can assist you in determining the best way to designate beneficiaries on your life insurance, as well as advise you on all estate planning matters. Please contact us with any questions or concerns.

This Bulletin is designed to provide our friends and clients with information regarding the various subject matters covered, it is not designed to take place of legal, accounting, or other professional advice.  If expert assistance is required, the services of a competent professional should be sought. This memorandum may constitute advertising under the rules regulating Illinois attorneys.