Name: John Even
Address: 1221 East Osborn Road, Phoenix, Arizona, 85014
Telephone: 602-277-7000
Price range: Free 30 Minute Consultation
Rating: 4.9

Free 30 Minute Consultation 602-663-9263

People often think that beneficiary designations are no big deal, but they are!

For most people, their 401(k)’s, IRA’s, and life insurance policies make up a significant portion of their estate. Yet, many times the same people who spend hours reviewing their trusts and other estate planning documents hardly think at all about beneficiary designations for these assets. Because the beneficiary designations for these assets (which are typically filled out and signed by the clients on forms provided by their investment advisors or life insurance agents) govern how a significant portion of their estate will pass after they die and because there are significant income tax issues related to some of these assets (e.g., 401(k)’s, IRA’s, and other retirement plans), it is extremely important that these assets are discussed with an estate planning attorney and that the proper beneficiary designations are completed for all of these assets, so that your wishes can be carried out.

Three helpful hints for beneficiary designations.

Here are three helpful hints for beneficiary designations for 401(k)’s, IRA’s, and life insurance policies:

First, make sure you have a beneficiary designated on all of your 401(k)’s, IRA’s, and life insurance policies. If you have a person or a charity named on such beneficiary designations, these assets will avoid probate. However, if there is no beneficiary named or if your estate is named as the beneficiary, then this asset will have to go through the probate process if it is valued at over $75,000. In many cases, clients plan using trusts and other documents to avoid a probate, and this kind of outcome is exactly what they were trying to avoid.

Second, remember to include a contingent beneficiary as well and to update the beneficiaries periodically. Sometimes, the original beneficiary is named in the documents, but clients forget to name a contingent beneficiary. If the primary beneficiary dies and the owner of the IRA, 401(k), or life insurance fails to update the beneficiaries, or if there is a tragedy with several family members all of whom were named as beneficiaries, then these assets will typically be payable to the deceased person’s estate, and there will be a probate. Like all estate planning, beneficiary designations need to be periodically checked and updated as necessary.

Third, consider naming a trust as the beneficiary of your IRA, 401(k), or other retirement asset in certain situations. Although there are several things that need to be looked at in making this decision, naming the trust as a beneficiary can be the best choice if there are minor children, adult children or who have alcohol, drug, or bi-polar issues, or adult children who cannot manage their finances well for whatever reason. However, if you name a trust as the beneficiary for these assets, then it is imperative that you have certain provisions in your trust to permit the trust to be a beneficiary for these assets. Without this language, the income tax liability for these assets may be accelerated for your beneficiaries.

Call me today – 602.277.7000

John Even

Our firm has helped hundreds of families just like yours handle a wide variety of estate planning, probate, and trust administration issues. In particular, we have experience in handling all different kinds of estate planning, probate, trust administration, guardianship, and conservatorship matters. When families are not getting along, we can also help you to handle any disputes and litigation related to wills, trusts, guardianships, or conservatorships as well. Please give me a call, so that I can help you work through these difficult issues with confidence.

By John Even | Published May 20, 2014 | Posted in Probate and Trust Administration

Testimonials

"Thank you for my peace of mind, knowing that my estate and medical attention are in place for my children to handle easily. I appreciate your expertise covering areas I was unaware I should address. John and his staff were very professional and efficient in my estate amendment. I highly recommend this office." -Chris February 28, 2025
"One of the best decisions I ever made was selecting John Even to oversee settlement of my mom’s estate/trust. His wisdom and insight on reaching a positive outcome for each family member was priceless. Without his patient encouragement over three years, I would have settled for a bad compromise early on. Each meeting was concise and educational. John only proposed a meeting when necessary, saving our estate thousands of dollars. " -Bradley December 03, 2024
"It was a pleasure to work with Attorney John B. Even and his excellent legal assistant, Emily, and paralegal, Jacqueline. This competent team seamlessly worked to develop our Will and Family Trust. Mr. Even patiently explained each document to us. John is a knowledgeable and compassionate attorney with a deep understanding of the law and a great ability to clearly explain complex legal issues. " -Rita November 22, 2024
"I enjoyed working with him and his team - everybody was delightful, and they made the process very easy. John is warm and friendly, impressively knowledgeable and explained all the details in simple terms for me to understand. I now have peace of mind about how my assets will be distributed and wishes will be carried out and know that my loved ones won't be burdened by debate, hassle, or financial hardship if I ever end up incapacitated." -Mirelle April 18, 2024
"We have known John Even for many years. So, I will say that he was our first choice. I get many advertisements in the mail for trusts and estate planning and at various prices. I called a few of them. We stayed with John for several reasons. He had a flat fee with us. So there was NO chance of getting billed extra hours for this and that. Which is often the cast once you sign on the dotted line. John was very explanatory about the process of setting up a trust, He looked at all our information. our children, accounts, and many things I had never considered. This was what I needed to get clear on the whole process. " -Thomas January 28, 2024
"Attorney Even and his staff are professional, personable, responsive, and clearly expert in the estate planning world. The time spent gathering our information allowed Mr. Even to produce thoughtful, custom documentation that will serve us well. The print and electronic versions of our records that were provided will make maintaining them, and sharing them as appropriate, very easy...a real plus." -Larrh January 24, 2024
"Our Estate Planning journey with John B. Even and his team was a “5 Star” experience! John’s character, values, and knowledge was evident throughout the entire process. John and his team listened carefully to our wishes, and yet, asked great questions to help us collaborate on exactly the right Estate Plan. We would highly recommend John and his team!" -Rob & Terri September 25, 2023
"Once I made my initial call to Mr. Even‘s office I never looked back – great decision! His staff is courteous, caring and efficient. Mr. Even is professional, highly knowledgeable, good listener and adviser. I highly recommend Mr. Even. It is a privilege to have him on my team!" -Trusts & Estates May 14, 2018
"John is an excellent wordsmith, and did a great job of putting my thoughts, ideas, and issues into a clear legal document. I have known and worked with him for 25 years on business issues, including business purchases, of two companies and then selling them for retirement. He is also a delightful person to work with and has an excellent group of to-workers." -Estate Planning May 3, 2018
"He was willing to spend time explaining things." -Estate Planning February 24, 2018

Reviews and Ratings

5.0/5.0

I have known John Even professionally for 20+ years and he displays the highest level of integrity and honesty in serving his clients.

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Marketing Partner
5.0/5.0

He is an excellent attorney, very knowledgeable, and very helpful to the community.

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Managing Partner
5.0/5.0

I have always been very impressed with John as an attorney, but perhaps most importantly, as a really great person of the highest ethics. I highly recommend John for the highest Martindale Hubbell rankings.

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Partner
5.0/5.0

John is a highly competent and ethical attorney working in the area of estate planning. I have worked with Mr. Even on several cases, both on opposite sides and the same side of issues. He is very professional, thorough and fair.

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Partner
5.0/5.0

i would hire this lawyer for my mother

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Managing Partner