How many times has something blown up in your face, even though it seemed like a good idea at the time? It happens to all of us, and mostly we can live with the consequences. But what if the consequences included leaving your minor children penniless after your death?
Unfortunately do-it-yourself estate planning can have consequences like this - serious, distressing, life-changing consequences that can't be reversed except with an expensive lawsuit and maybe not even then.
I'm attaching a link to a recent blog post by Rania Combes. She's a lawyer in Texas, but the same principles she talks about in her post apply here in Canada. She describes some of the things that can go wrong with a beneficiary designation that on the face of it would seem to make sense.
If you have made designations on your life insurance policy, or are thinking about doing so, this is a good article for you to read. Click here to read it.