When individuals consider how assets pass upon death, they immediately think of Wills (and perhaps Revocable Trusts for probate avoidance). What often is not considered, and even misunderstood, is that even if individuals have executed valid Wills, their wishes may not be respected. Why – because those estate documents will not generally supersede asset titling and beneficiary designations. Consider this example: Mr. Decedent provides in his Will that current wife Number 2 shall receive all his assets upon his death. And if Wife Number 2 predeceases him, the assets shall pass equally to his two children from his prior marriage. His primary assets are his $1 million insurance policy which still lists his first wife as the beneficiary; his IRA, which names his two children as beneficiaries; and his residence, where the Deed names only his oldest child as a joint owner with right of survivorship. Mr. Decedent does not realize that assets that pass by beneficiary designation (e.g., IRA’s, 401(k)’s, life insurance), or by title if there is a joint owner with right of survivorship (e.g., house, bank or brokerage account), supersede any provisions contained in a Will. Therefore, under the facts above, absent state law to the contrary, wife Number 1 receives the life insurance, the children receive the IRA, and the house passes to his oldest child. There are not many remaining assets to pass to current wife Number 2 in Mr. Decedent’s Will. Further, even if current wife Number 2 predeceases Mr. Decedent, the oldest child still receives the residence – it is not divided evenly among the children. The moral of the story is you cannot do estate planning without focusing on how your assets are titled and the asset beneficiary designations. Those titling and beneficiary designation decisions are as important to the planning process as provisions in the Will.
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John Dedon Honored in Washingtonian Magazine
Cameron/McEvoy congratulates John Dedon for selection in Washingtonian’s “Top Financial Advisors Hall of Fame.” (February 2023.) John joins a few area lawyers who, for over a decade and year after year, have been named by Washingtonian as one of the top estate lawyers in the region. Since its inception in 2009, Washingtonian has asked hundreds… Read »
John Dedon honored as a Top Lawyer in Two Prominent Local Publications
Coming up in December, John Dedon will be recognized in two prominent local publications. Washingtonian Magazine again names John as a 2023 Top Lawyer in the Trust and Estates category. Washingtonian Magazine chooses Top Lawyers by surveying local lawyers asking them whom they would trust if they needed legal counsel themselves. Northern Virginia Magazine also… Read »
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About Revocable Trusts
John P. Dedon
Of Counsel
John P. Dedon is a tax lawyer with a talent for explaining the complexities of tax law in lay terms. Working in the estate planning, asset protection and business areas for more than 35 years, John helps clients preserve assets and plan for the future with traditional planning tools, including Trusts (dynasty trusts, intentionally defective trusts, grantor retained annuity trusts), LLC and partnership entities, and cutting-edge concepts such as cryonic preservation trusts.
Recognitions
Fellow of the American College of Trust and Estate Counsel (ACTEC)
“Hall of Fame” Washingtonian magazine Top Wealth/Financial Advisor
Martindale-Hubbell AV Rating/Top Rated Estate and Taxation Lawyer
Consecutive years named Washingtonian Best Lawyers; Best Lawyers in America® for Trusts and Estates; Top Lawyer and Top Financial Professional by Northern Virginia Magazine; Legal Elite by Virginia Business magazine