Estate Planning for Parents of Minor Children - Beneficiary Designations

Many parents have accounts which are beneficiary driven.  If a parent has an account such as this, then the beneficiary designation trumps any of the estate planning documents.  Typically, life insurance policies, 401(k) plans are beneficiary designation driven.  Thus, it is imperative for parents to check their beneficiary designations and ensure that they are in alignment with their overall estate planning goals.