Properly transferring your assets and naming the right beneficiaries is a critical part of estate planning. At Schaffer Herring PLLC, we help clients across Tulsa and Northeast Oklahoma protect their legacy by aligning beneficiary designations with their overall estate plan.
Without clear instructions or updated forms, your assets could end up in the wrong hands—or get tied up in court. Our estate planning attorneys work closely with you to ensure that your assets transfer smoothly and according to your wishes.
Why Beneficiary Designations Matter
Some of your most valuable assets—like retirement accounts and life insurance—don’t pass through your will. Instead, they go directly to the beneficiaries listed on your account forms.
That’s why we review and update beneficiary designations as part of every comprehensive estate plan. This simple step helps:
- Ensure your wishes are legally enforceable
- Avoid probate for designated accounts
- Prevent delays or disputes among heirs
- Reduce potential tax burdens
Common Accounts That Require Beneficiary Planning
Our estate planning lawyers help you review and manage designations on:
- Life insurance policies
- 401(k)s, IRAs, and other retirement plans
- Bank accounts with payable-on-death (POD) or transfer-on-death (TOD) clauses
- Investment and brokerage accounts
- Annuities and pension plans
We also coordinate these designations with your trusts or wills to avoid conflicts.
Asset Titling and Ownership Transfers
In addition to naming beneficiaries, we help clients retitle assets to better reflect their estate planning goals. This may include:
- Placing real estate or other property in a living trust
- Converting joint accounts to individual ownership (or vice versa)
- Updating deeds or vehicle titles
- Coordinating business interests with your estate plan
Failing to update asset titles can lead to unintended tax consequences or legal confusion for your heirs.
Avoiding Common Mistakes
Some of the most common and costly estate planning errors involve outdated or inconsistent beneficiary forms. We help you avoid issues like:
- Naming minor children without a custodial arrangement
- Listing an ex-spouse due to an old form
- Leaving assets directly to individuals with special needs (which can impact benefits)
- Having mismatches between your will and your account designations
Our role is to ensure everything works together as a complete plan—not a patchwork of disconnected documents.
Coordinating with Your Overall Estate Plan
Every estate plan we create at Schaffer Herring is designed to be comprehensive. We help ensure your beneficiary designations, asset titles, powers of attorney, and trusts are all working in harmony.
If you’ve recently experienced a life change—such as a marriage, divorce, birth, or retirement—it may be time to review and update your plan.
Ready to Start Your Estate Plan?
It’s never too early—or too late—to put a plan in place. Contact Schaffer Herring PLLC today to speak with a Tulsa estate planning attorney who will help you protect what matters most.
Contact the attorneys at Schaffer Herring PLLC today to schedule your consultation.
Frequently Asked Questions
A beneficiary designation is a legal instruction you give to a financial institution—such as a bank, insurance company, or retirement plan provider—telling them who should receive the asset when you pass away. These designations override what’s written in your will, so it’s important to keep them up to date.
Yes. Assets with valid beneficiary designations typically bypass probate and go directly to the named individuals. This includes life insurance policies, retirement accounts, and payable-on-death (POD) or transfer-on-death (TOD) accounts.
Outdated forms can cause serious problems. For example, your assets might go to an ex-spouse, a deceased person, or a minor without a custodian. We recommend reviewing beneficiary forms anytime you experience a major life event, such as marriage, divorce, or the birth of a child.
You can name your children, but if they’re under 18, it’s important to have a custodial arrangement or trust in place. Otherwise, the court may appoint someone to manage the money until your child becomes an adult.
If you have more questions about estate planning, we’ve answered many of them on our Estate Planning FAQs page. You’ll find detailed information about wills, trusts, probate avoidance, and more.